"Our collaboration with Orascom Development reflects a shared vision of fostering a resilient and sustainable tourism industry in Egypt," said Sérgio Pimenta, IFC's Vice President for Africa. Orascom Development's global reach Orascom Development Holding (ODH), founded in 2008, develops integrated towns and resorts. With 33 hotels across seven countries, including Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and the UK, its key destinations include El Gouna, Taba Heights, O-West in Egypt, The Cove in the UAE, Jebel Sifah in Oman, and Luštica Bay in Montenegro. Samih Sawiris, who founded the company, stepped down as chairman in December 2021 after nearly 30 years. His son, Naguib, took over in May 2022. Naguib, former vice chairman and board member, oversees a global investment portfolio and chairs edtech firm Yup Technologies.