29 May 2023 18:39

Egypt's Orascom Investment could invest $1.2 bln in Uzbekistan

TASHKENT. May 29 (Interfax) - Orascom Investment Holding (OIH), a leading Egyptian investment and industrial corporation, is interested in implementing a number of investment projects in Uzbekistan totaling $1.2 billion.

"On May 29, President of the Republic of Uzbekistan Shavkat Mirziyoyev hosted Naguib Sawiris, chairman of the Egyptian company Orascom Investment Holding. The company's plans to implement large investment projects in Uzbekistan totaling over $1.2 billion were considered as part of a joint road map," Mirziyoyev's press service said on Monday.

According to the statement, the matter concerns promising projects for producing food products, conducting geological exploration and developing metal deposits, establishing and managing modern hotel complexes, as well as constructing solar and wind power plants.

Mirziyoyev paid an official visit to Egypt in February this year. At the time, management of Orascom Construction, which is part of the OIH corporation, expressed interest in implementing a project in Uzbekistan to create an industrial park with the subsequent construction of facilities for producing paint and varnishes and chemicals for building materials on the territory, as well as constructing a 100-MW wind farm.

OIH has been operating since 1997, originally as Orascom Telecom Holding (OTH), then Orascom Telecom Media and Technologies was created. The corporation rebranded later, and moved to diversify its investments in other fast-growing sectors. The assets include Orascom Development, Orascom Construction Industries, and Orascom Technology Solutions IT company.

VimpelCom acquired a controlling stake of 51.7% in OTH in 2022 as part of the deal to buy Wind Telecom from Weather Investments of Egyptian billionaire Naguib Sawiris, who at the same time received a stake in VimpelCom, and then exited the capital in 2012.