Orascom Investment Holding Plans $1.2 Billion Investment Projects in Uzbekistan

Orascom Investment Holding (OIH), a major Egyptian investment and industrial corporation, has shown interest in executing several investment projects in Uzbekistan worth $1.2 billion. 

The plans were discussed during a meeting between the company's chairman, Naguib Sawiris, and Uzbekistan's President Shavkat Mirziyoyev on May 29. The proposed projects include food production, geological exploration, metal mining, hotel complexes management, and solar and wind power plants development.

During his official visit to Egypt in February, President Mirziyoyev met with Orascom Construction's management, which is part of the OIH corporation. 

They had expressed interest in creating an industrial park in Uzbekistan, with the subsequent construction of facilities for producing paint, varnishes, chemicals for building materials, and a 100-MW wind farm.

Founded in 1997 as Orascom Telecom Holding (OTH), OIH has diversified its investments in other fast-growing sectors over the years and rebranded later. Its assets include Orascom Development, Orascom Construction Industries, and Orascom Technology Solutions IT company. 

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