In his first interview with a Greek media outlet, Egyptian businessman and visionary entrepreneur [Naguib Sawiris], chairman of Ora Developers, speaks openly about Mykonos. He discusses his longstanding relationship with the island, which led him to decide to channel, through Ora, a €100 million investment into the creation of “Silversands,” a six-star resort aimed at showcasing a more refined side of Mykonos and attracting affluent families back to the island.

At the same time, he admits that through the delays affecting the project, he experienced firsthand the difficulties involved in a major construction project, the permitting process and Greek bureaucracy. Sawiris’ relationship with [Mykonos] did not begin in an investment office or over a business plan. It began many years ago through the summers he spent on the island, the images he retained and the moments that, as he says, created a personal bond with a place he has been returning to for decades. Perhaps that is why, when the time came to invest in Mykonos, he chose not to do something conventional. The Egyptian businessman decided to invest approximately €100 million in the creation of a six-star luxury hotel in Kalafatis, one of the most ambitious tourism projects designed in the Cyclades in recent years.

Telecommunications

For a man who has led investments across different markets and in many parts of the world, choosing Mykonos was not simply another business decision.

Sawiris knows the island well. He has been visiting it for decades and has experienced, as he describes it, “truly exceptional moments,” developing a bond with Mykonos that goes beyond the numbers and returns of an investment. After all, his name has been at the top of the international business world for decades. Naguib Sawiris has been described as one of the most influential entrepreneurs of his generation, with telecommunications being the sector that propelled his business career. Through [Orascom Telecom Holding], he built an internationally active group that was subsequently incorporated into VEON, as part of the creation of one of the world’s largest telecommunications groups. His business activities, however, have never been limited to a single sector.

His vision and investment instincts gradually led him to build a broad and diversified portfolio, with activities ranging from financial services and energy to agribusiness, logistics, [real estate], mining, gold and luxury hospitality. This philosophy is also reflected in the way the group itself describes its business identity, emphasizing reliability, investment diversification and a corporate culture that seeks to connect business success with quality of life. Within the international investment portfolio he leads, however, Mykonos appears to hold a special place. “I have been coming to Mykonos for decades and I have a very special relationship with the island. I have experienced truly exceptional moments here, and that is why this particular project is also a personal matter for me. I wanted to create something truly special, something that reflects my love for Mykonos and leaves a positive footprint on the island,” he tells THΕΜΑ.

Impressive images of “Silversands Mykonos,” the six-star hotel in Kalo Livadi, which is scheduled to begin operations in May 2027

The Ultra-Luxury Resort

From the outset, he makes it clear that his ambition is not simply to add another luxury hotel to Mykonos.

“It certainly will not be just another six-star hotel. Our ambition is to create one of the most beautiful and elegant resorts in the Mediterranean, offering a very distinctive experience and a unique character,” he stresses. According to him, the uniqueness of the project does not lie in one particular feature, but in the way all its individual elements will come together. “It is not one thing. It is the way everything comes together: the space, the views, the architecture, the art, the food and drinks, the service and the Mediterranean way of life.” Sawiris could have chosen to partner with one of the major international hotel brands.

Instead, he took a different path. “I could have chosen a well-known international hotel brand. That would have been easier. But I wanted to create something of our own, based on my own perception of hospitality and my love for Mykonos. Something that feels connected to the island while, at the same time, bringing something new.” Although Mykonos has been internationally associated for decades with entertainment and nightlife, Sawiris believes this is only one side of the island. “Mykonos is known for its energy and nightlife, but that is only one side of the island. It also has beautiful nature, excellent weather, the sea, the light and a much quieter way of life.”

His goal is precisely to highlight this less-prominent side of Mykonos. “I believe there is an opportunity to showcase this more refined side of Mykonos, a place where people can slow down, enjoy understated luxury and spend meaningful time together. It should not only be a destination for parties. It can also welcome families and different generations of people who want to experience the island in a more personal way.” Sawiris’ understanding of modern luxury is not limited to the material characteristics of an expensive hotel. “Luxury is space, art, the natural environment, excellent food and exceptional service. But above all, it is a mindset, a way of life. Today, luxury is also about how a place makes you feel and the quality of the time you spend there.”

Personal Signature

Set on an area of 42,000 sq m, the resort will feature just 88 rooms and five villas. As he explains, this is an entirely deliberate choice. “Yes, absolutely. We never wanted to maximize the number of rooms. We wanted to give people space, privacy, exceptional views of the island and a truly personal experience.” Sawiris’ personal involvement in the creation of the resort is much greater than that of an investor who simply monitors the progress of a project. When asked whether there is a specific element of the resort that bears his personal signature, his answer is limited to one word: “Everything.” He continues: “I try not to interfere in every small technical detail, but I am involved almost every day. When you are personally involved, you understand what works, what is missing and what needs to evolve. The vision continues to evolve as the project comes to life.”

“I Love Greece”

If he had to describe in a single sentence what he is trying to create in Mykonos, he would say: “A beautiful and visionary resort that offers a new way to experience Mykonos.” The next question is straightforward: after everything he has faced during the development of the investment, would he still invest approximately €100 million in Mykonos today? “Definitely, yes,” he answers without hesitation. And everything suggests that this particular investment may be only the beginning of his presence in Greece. “I love Greece, I love the Greeks. We are starting with Mykonos, but I would definitely like to create more projects in the country.”

Indeed, he reveals that he is already examining his next investment opportunity: “Yes, I am looking at opportunities around Athens. If I find the right location and the right project, I will not think twice.” Sawiris does not hesitate to compare the past with the present when asked whether Greece has lived up to his expectations as an investment destination. “To be honest, that was not always the case in the past. Today, however, I can easily say yes.” The issue of overdevelopment is one of the most critical questions for the island’s future.

He believes that the traditional development model may have reached its limits. “I think Mykonos may have reached its limits when it comes to traditional hospitality projects. But if we can create a new kind of luxury, something that respects the island and offers a truly different experience, then there is still room for development.” And when asked what kind of Mykonos he would like to see ten years from now, he says: “I want it to remain the same Mykonos in spirit, but at the same time become more refined and protect the beauty and character that made people fall in love with it.”

The Delays

The original plan envisaged the resort opening in 2026. However, that timetable could not be met. “Construction took longer than we expected, and there were also other challenges along the way. This is a very ambitious project, and sometimes projects of this kind need more time than initially estimated.” When asked whether the delay was related to construction, bureaucracy, permits or his decision not to compromise on the final result, he is clear: “It was a combination of all of these. But I am not going to compromise on quality. If I have to choose between opening earlier and achieving the result I believe in, I prefer to wait and do it properly.” The most difficult part of the investment, he says, was clear: “Without a doubt, construction. Building a project of this size and quality on an island is not easy.” The delay also had financial implications, which, however, have already been incorporated into the overall investment. “The €100 million already includes the additional costs caused by the delay.”

Dozens of Jobs

Sawiris points out that the resort’s economic impact will go far beyond the operation of the hotel itself. “First of all, it will create approximately 250 direct jobs and around 1,000 indirect jobs.” He adds: “Then there is the broader impact of the resort and its visitors, from local suppliers and producers to restaurants, transportation and other businesses across the island. A project like this supports the broader economy and not just the hotel itself.”

At the end of the discussion, Naguib Sawiris is asked to explain what an international investor sees in Mykonos that Greeks themselves may not always manage to recognize. His answer perhaps best sums up why he decided to invest approximately €100 million in this particular part of the [Aegean]. “Mykonos has something very rare. It has wonderful weather, an incredible sea, stunning views and a unique energy. It is a place where you can relax, have fun, celebrate and feel completely free.” And he concludes: “There are very few destinations in the world that can offer all these things together.” Perhaps, ultimately, these words contain the entire answer to the question of why a businessman with the ability to develop projects almost anywhere in the world chose Mykonos, particularly at a time when the island is facing considerably greater challenges than in previous years.

Perhaps, ultimately, Naguib Sawiris’ relationship with Mykonos cannot be explained exclusively through investments, returns and business plans. The outgoing Egyptian businessman, whom for years we had become accustomed to seeing enjoying himself at the island’s best venues almost like a Greek, appears to have treated Mykonos as an incurable love affair. And every great love, at some point, demands its own seal of commitment. In his case, the “marriage” came with a ring befitting the scale of his business: a six-star resort worth approximately €100 million, through which he seeks to leave his own signature on the island that captured his heart decades ago.