Egypt’s Naguib Sawiris Nears Completion Of Mykonos Luxury Resort, Expanding His Global Portfolio With Projects In Cyprus, Iraq, And UAE

Published on December 13, 2025

Egyptian billionaire Naguib Sawiris is nearing the completion of his luxury resort in Mykonos, marking a significant milestone in his expanding global portfolio. This project, which aligns with his strategic vision, is part of a broader effort that includes developments in Cyprus, Iraq, and the UAE, demonstrating Sawiris’ commitment to diversifying his investments in high-end tourism and real estate across key international markets.

Despite the freeze on building permits that has been in effect since 2023, Mykonos continues to attract substantial international investments, provided the necessary permits were secured before the freeze. Among these is the ambitious project of an Egyptian billionaire, now in the final stages of his second major tourism investment on the island. The new five-star resort, Silversands Mykonos, is expected to open in June 2026, according to market sources, and is progressing without significant obstacles.

Silversands Mykonos, part of the expanding Silversands Hotels and Resorts brand, is being constructed in the scenic Kalo Livadi area. The resort’s design harmoniously blends the traditional Cycladic architecture with the high demands of modern luxury. It will feature 93 accommodation units, including five standalone villas, offering the utmost in privacy and comfort. The resort will also boast six swimming pools, allowing guests to enjoy a variety of experiences. The Floating Rock Bar, an entertainment space that appears to float above the Aegean Sea, will become one of the most iconic features of the resort, offering stunning views and a unique atmosphere.

The resort will also offer two high-end restaurants, overseen by an award-winning chef. The culinary offerings will fuse contemporary Greek and Asian influences, bringing a distinctive edge to the island’s dining scene. Additionally, the Oasis Spa will offer a range of wellness treatments, combining traditional Greek practices with international techniques, aiming to provide a holistic experience for guests.

This new resort marks the latest of the billionaire’s investments on the island, adding to his growing portfolio of luxury properties. He has already made significant investments in acquiring three luxury residences on Mykonos. Furthermore, his company recently launched his first five-star hotel on the island, Yi Hotel Mykonos, located in Elia. This hotel is managed by a local Greek hospitality company and offers 41 rooms, 18 of which are suites with private pools or hot tubs. The design of the hotel blends the island’s traditional Cycladic style with minimalist Egyptian influences, creating a fusion of aesthetics that resonates with the luxury market.

The billionaire’s significant interest in Mykonos underscores the island’s ongoing appeal to top international investors. Mykonos has remained one of the few European destinations where luxury hospitality can still deliver impressive returns, even amid a regulatory environment that imposes strict controls on new construction and development. As luxury tourism continues to thrive on the island, the investor’s ventures highlight the growing demand for high-end, exclusive accommodations that cater to an elite clientele.

The Egyptian businessman is no stranger to the Greek business landscape. In 2007, he made headlines when he acquired Wind Hellas, a subsidiary of Telecom Italia Mobile. However, this venture did not deliver the anticipated returns, and by 2010, the company fell into the hands of its creditors during a period of significant restructuring in the Greek telecommunications market. Despite this setback, the billionaire has returned to Greece with a focus on the thriving tourism and real estate sectors. Through his ORA Developers brand, he is now targeting the luxury hospitality market, a sector that continues to see high growth and investment potential.

His investment activity extends well beyond Greece and the Mediterranean region. As the former head of a major telecom company, he transitioned into real estate development through ORA Developers, which he founded in 2016. The company now boasts a portfolio valued at $2.5 billion, solidifying its position as a major player in luxury real estate worldwide. The billionaire’s diverse portfolio includes projects across the globe, each aimed at creating luxurious, sustainable communities.

Among his most notable projects are:

• Ayia Napa Marina (Cyprus): Completed in 2022, this €300-million development transformed the area into a premier coastal luxury destination. The project includes residential units, a marina, and commercial spaces, contributing significantly to the region’s economic growth.
• Madinat Al Ward (Iraq): His largest investment to date, this new city spans 62 million square meters and will include 120,000 residences. The $10 billion development is designed to provide housing for over 700,000 people and is expected to be a major boost to Baghdad’s housing capacity.
• Bayn (UAE): A $10-billion coastal development located between Abu Dhabi and Dubai, Bayn is designed around the “15-minute city” concept, creating a sustainable luxury community across 4.8 million square meters. The project focuses on providing high-end living spaces with a strong emphasis on sustainability and accessibility.

These projects illustrate the billionaire’s dedication to reshaping the global real estate landscape by developing innovative, sustainable luxury communities. Through ORA Developers, he continues to invest heavily in transformative projects that not only meet the needs of today’s high-end consumers but also contribute to the broader social and economic development of the regions they are located in.

Naguib Sawiris is close to completing his luxury resort in Mykonos, adding to his growing global portfolio that spans Cyprus, Iraq, and the UAE, as part of his strategy to expand in high-end tourism and real estate.

the billionaire’s ongoing investments on Mykonos, coupled with his global real estate ventures, highlight his ability to navigate the complexities of the luxury hospitality market. Mykonos remains a prime destination for high-end tourism, and with new developments such as Silversands Mykonos and Yi Hotel Mykonos, the island’s appeal to affluent travelers is set to continue growing. With a diverse portfolio spanning multiple continents and a focus on sustainable, luxurious living, the billionaire is shaping the future of real estate and tourism, both in Greece and beyond.