Table of Contents
Key Points
- Egypt’s real estate market is booming, projected to reach $2.07 trillion by 2029, fueled by urban expansion, government incentives, and rising foreign investment.
- Top real estate tycoons like Naguib Sawiris and Yasseen Mansour are driving growth with high-end residential projects, commercial hubs, and international expansions.
- Gulf investors have poured over $115 billion into Egypt’s property sector since 2021, with UAE and Saudi investors leading the charge.
Egypt’s real estate sector is in the midst of a transformation, fueled by rapid urban expansion, high-end developments, and large-scale infrastructure projects. With demand soaring and government-backed initiatives reshaping the landscape, the country’s top real estate magnates are not just building luxury towers and sprawling communities—they’re crafting the blueprint for Egypt’s future.
At the forefront of this boom are industry giants like Naguib Sawiris, Samih Sawiris, and Hisham Talaat Moustafa, whose developments span everything from upscale waterfront resorts to multi-billion-dollar mixed-use districts. Their influence extends beyond Egypt’s borders, as some hedge against economic volatility by investing in international real estate markets.
The numbers tell a compelling story. Egypt’s real estate market is expected to reach $1.58 trillion by 2025, with the residential sector alone accounting for $1.18 trillion, according to Statista. Between 2025 and 2029, the industry is projected to grow at an annual rate of 6.91 percent, pushing its total value to $2.07 trillion.
This expansion is backed by ambitious government policies, including tax incentives, low-interest loans for developers, and streamlined project approvals—moves that have catalyzed a surge in new developments. In 2024 alone, more than 600 projects worth over $45 billion were launched, ranging from high-end residences to commercial and government properties.
Foreign capital is also pouring in. Gulf investors, particularly from the UAE and Saudi Arabia, have collectively funneled over $115 billion into Egypt’s property market since 2021, lured by competitive prices and strategic locations.
UAE investors lead the charge, injecting $75 billion, followed by Saudi Arabia with $30 billion, according to consulting firm Knight Frank. The average GCC investor spends about $1.1 million per property, solidifying Egypt’s appeal as a prime destination for regional wealth.
As the country’s real estate landscape evolves, so do the fortunes of the industry’s key players. These tycoons aren’t just building homes and offices—they’re redefining how and where Egyptians live, work, and invest. Here’s a look at the 10 richest figures shaping Egypt’s real estate sector and their outsized impact on the country’s economic and urban future.
1. Naguib Sawiris
Net Worth: $5 billion
Naguib Sawiris, Egypt’s second-richest man and a key figure in the country’s wealthiest family, has built a fortune estimated at $5 billion by Forbes, while Bloomberg values his net worth at $7.36 billion. Despite the difference in estimates, both confirm his position as Egypt’s second-richest individual, behind his younger brother, Nassef Sawiris. Although he made his name in telecommunications, Sawiris has since expanded into real estate, hospitality, and mining. He founded Ora Developers, a luxury real estate firm with projects in Egypt, Pakistan, Cyprus, and Grenada, shaping high-end property markets in these regions. He also chairs Orascom Investment Holding, which has a diverse portfolio spanning North Africa and the Middle East. In Egypt, Ora Developers is strengthening its footprint with the launch of Club Side Towers, East Cairo’s first residential high-rise. Internationally, the company is expanding Silversands Grand Anse in Grenada, backed by a $30 million facility from Afreximbank in 2024. The project, which officially launched in October 2024, will add hotel rooms and retail spaces, boosting the island’s luxury tourism sector. Sawiris is also making a bold move near one of Egypt’s most iconic landmarks. He recently announced plans to build a $150 million luxury hotel near the Pyramids and Sphinx Airport, further cementing his influence in the high-end real estate market. With these strategic investments, Sawiris continues to shape the future of luxury living and hospitality, both in Egypt and beyond.
2. Yasseen Mansour
Net Worth: $1.2 billion
Egyptian billionaire Yasseen Mansour, with a net worth of $1.2 billion according to Forbes, is a key shareholder in Mansour Group and Chairman of Palm Hills Developments, one of Egypt’s largest real estate firms. Holding a 10.83 percent stake, Mansour has played a pivotal role in the company’s expansion, drawing on his experience from Mansour Group—one of Egypt’s biggest private sector conglomerates. Since co-founding Palm Hills in 1997, he has overseen its transformation into a major player in Egypt’s real estate sector. Today, the company boasts a portfolio of 38 projects across West Cairo, East Cairo, Alexandria, and the North Coast, with a land bank spanning 33 million square meters. Under his leadership, Palm Hills has also expanded beyond Egypt, developing projects in Singapore and Saudi Arabia that cover 5 million square meters. Recently, the company secured a deal to develop a tourism project on Egypt’s Northern Coast and strengthened its hospitality business by increasing its stake in Macor Hotels to 69.5 percent through a $3.57 million acquisition. Palm Hills is also entering the Saudi market through a partnership with Dallah Real Estate, aligning with Saudi Arabia’s Vision 2030. Additionally, the firm is launching two subsidiaries in Abu Dhabi to tap into the Gulf’s thriving real estate sector. With $536.1 million in revenue in 2024, Palm Hills has reinforced its position as a regional powerhouse, reflecting Mansour’s strategy of expanding the company’s footprint both at home and internationally.
3. Hisham Talaat Moustafa
Net Worth: $900 million
Hisham Talaat Moustafa, one of Egypt’s most influential real estate developers, is the force behind Talaat Moustafa Group (TMG Holding), a leading company shaping the country’s urban landscape. With over five decades in the industry, Moustafa has led TMG in delivering some of Egypt’s most ambitious projects, including Madinaty, Noor City, and SouthMED—a massive 23-million-square-meter development on the North Coast. In February 2024, TMG partnered with Abu Dhabi’s ADQ and Modon Properties to launch the $24 billion Ras El-Hekma project, marking a major step in its expansion beyond Egypt, particularly into Saudi Arabia’s growing real estate market. SouthMED alone is expected to generate 1.6 million jobs and $5.9 billion in tax revenue, featuring 60,000 residential units, luxury hotels, a marina, and an 18-hole golf course. Demand has been strong, with the first 12 days of sales generating $4.2 billion in bookings. Beyond residential developments, Moustafa is strengthening TMG’s presence in luxury tourism. He holds a 43.16 percent stake in the company worth over $940 million and is overseeing a $380 million expansion of the Four Seasons Resort Sharm El Sheikh, further cementing the group’s position in high-end hospitality. His vision extends beyond Egypt’s borders. He has proposed a $27 billion reconstruction plan for Gaza, focusing on housing and infrastructure, positioning himself as a key player in regional development. Through the TMG Foundation, he also supports education and community initiatives, reinforcing his role in both business and social impact. Under Moustafa’s leadership, TMG has redefined Egypt’s real estate sector, delivering large-scale projects that enhance quality of life and set new industry benchmarks. His growing influence, both in Egypt and the broader region, continues to shape the future of urban development.
4. Samih Sawiris
Net Worth: $550 million
Samih Sawiris, the youngest son of late Egyptian construction tycoon Onsi Sawiris, has built a real estate empire that spans Egypt, Europe, and the Middle East. Best known for his leadership at Orascom Development Holding (ODH), a Swiss-based firm specializing in integrated towns, he has spent over 35 years transforming vast stretches of land into thriving communities. ODH controls a land bank of more than 100 million square meters, with about 20 percent already developed in Egypt. The company has also expanded into Montenegro and Switzerland, where Sawiris owns a 51 percent stake in Andermatt Swiss Alps AG, a high-end resort developer. His ambitious $1.2 billion redevelopment of Andermatt has turned the once-overlooked Alpine town into a world-class luxury destination, featuring top-tier skiing, scenic hiking trails, championship golf courses, and Michelin-starred dining. Back in Egypt, ODH’s subsidiary, Orascom Development Egypt, is expanding the Makadi Heights project through a major agreement with the Tourism Development Authority. The deal strengthens Makadi Heights' position as a key tourist attraction, further boosting Egypt’s appeal in the global hospitality market. Beyond real estate, Sawiris holds a 10 percent stake in OCI N.V., the global construction and fertilizer company founded by his father. His influence in Egypt’s tourism and real estate sectors continues to grow, with ODH developing luxury destinations that emphasize sustainability and long-term growth. While Forbes last estimated his fortune at $850 million in 2015, there has been no recent valuation. Based on market trends and his business expansions, his current net worth is estimated at $550 million. Through his ventures, Sawiris has not only reshaped resort living but also reinforced Egypt’s standing in global real estate and tourism.
5,6&7. Mohamed Hany El Assal; Mohamed Khaled El Assal; Karim Khaled El Assal
Joint Net Worth: $200 million
Egyptian businessmen Mohamed Hany El Assal, Mohamed Khaled El Assal, and Karim Khaled El Assal have built Misr Italia Group into a leading force in Egypt’s real estate sector, driving expansion across the country’s most sought-after locations. As the multimillionaire real estate tycoons at the helm of Misr Italia Group, they have played a key role in shaping the company’s success, with a strong focus on sustainable growth and economic development. With years of experience in real estate, they have led the company’s expansion into key areas, including New Cairo, the New Administrative Capital, 6th of October City, Ain Sokhna, and the North Coast. Misr Italia Holding, founded over four decades ago, has delivered 25 large-scale projects across real estate, tourism, facility management, furniture, and interior design. Its subsidiary, Misr Italia Properties, manages a vast land bank of 7.1 million square meters across major Egyptian cities. In 2017, the company announced plans to raise about EGP1.5 billion ($82.5 million) through a share sale, but later decided against the listing. Despite remaining privately held, Misr Italia Group has continued to grow significantly and is now valued at over $500 million. The company’s aggressive investment strategy and strong project pipeline have fueled record-breaking sales. In January alone, contract sales surged by 200 percent to $79.1 million. Now home to over 12,000 families, Misr Italia Group continues to shape Egypt’s real estate landscape with its bold developments and strategic vision. After adjusting for liabilities, their combined net worth stands at approximately $200 million.
8. Mohamed Morshedy
Net Worth: $40 million
Egyptian entrepreneur and real estate mogul Mohamed Morshedy has built a reputation for bold architectural design and large-scale urban developments. Since founding Morshedy Group in 1983, he has led the company to become a major player in Egypt’s property market, delivering more than 21 landmark projects and providing homes to over 80,000 clients. Through its flagship division, Memaar Al Morshedy, the company has reshaped Egypt’s urban landscape with high-impact developments that blend aesthetics with functionality. The firm initially gained recognition for its distinctive multi-family residential buildings in Maadi, known for their unique architectural styles that have stood the test of time. Now, Morshedy Group is further strengthening its presence in Egypt’s luxury real estate market with the recent $49.7 million acquisition of Zamalek’s iconic Fouda Tower. The deal expands the company’s footprint in Cairo and reinforces its position in the city’s competitive high-end property sector. Under Morshedy’s leadership, the firm has set new industry standards in design, sustainability, and timely project delivery. By overseeing planning, engineering, and construction in-house, Morshedy Group maintains strict quality control, ensuring strong returns on investment and cementing its status as a dominant force in Egypt’s real estate market. After accounting for liabilities, Mohamed Morshedy’s net worth is estimated at approximately $40 million.
9. Waleed Zaki
Net Worth: $25 million
Egyptian businessman Waleed Zaki is the founder and CEO of Pioneers Holding Co. (PHC), where he also serves as chairman of the board. He began his career in 1997 by launching Pioneers Securities, which quickly grew into one of Egypt’s top brokerage firms. A decade later, he expanded into broader investment opportunities by establishing PHC to focus on real estate, construction, industrial sectors, and financial services across Egypt and the Middle East. Under Zaki’s leadership, PHC became a publicly traded company on the Egyptian Exchange in 2008. Today, he holds a 27.62 percent stake in the company, currently valued at $19 million. Since its IPO, PHC has expanded significantly, growing its portfolio from EGP800 million in 2007 ($140 million at the time) to EGP28.4 billion ($570 million), making it one of Egypt’s leading investment firms. Beyond real estate, Zaki has led PHC’s expansion through acquisitions in construction, manufacturing, and the food industry, as well as financial services, including asset management, institutional brokerage, and investment banking. His strategic vision has positioned PHC as a major force in Egypt’s investment landscape, driving growth across multiple sectors. In 2023, PHC divested EGP235.1 million ($7.6 million) worth of shares in United Company for Housing and Development, a key player in Egypt’s real estate sector. The sale involved 45.29 million shares at an average price of EGP5.19 ($0.168) per share, reducing PHC’s stake from 35.06 percent to 17.74 percent. The transaction, completed on June 26, 2023, was facilitated by Pioneers Securities. After adjusting for liabilities, Waleed Zaki’s net worth stands at approximately $25 million.
10. Abdallah Sallam
Net Worth: $15 million
Abdallah Sallam, President and CEO of Madinet Masr, is a seasoned Egyptian businessman with over two decades of experience in real estate. He founded MINKA Development, a subsidiary of Madinet Masr, and holds a 5 percent stake in the company, currently valued at over $8 million. Madinet Masr, originally established in 1959 to develop Nasr City’s 40 million square meters, has grown into one of Egypt’s leading real estate developers. Under Sallam’s leadership, the company has significantly expanded its portfolio with major projects, including a $4 billion development in partnership with Heliopolis Housing and the launch of the luxury "Butterfly" project in Mostakbal City through MINKA Development. Additionally, the company secured an $11.6 million deal with ASEC Automation to enhance infrastructure at its Sarai development in New Cairo. This growth has translated into strong financial results. In 2024, Madinet Masr reported $910.98 million in contract sales, a 31.9 percent increase from the previous year, largely driven by the success of its Taj City and Sarai projects. Sallam’s leadership has positioned Madinet Masr among Egypt’s most influential real estate developers. After adjusting for liabilities, Abdallah Sallam’s net worth is estimated at approximately $15 million, reflecting his stake in the company and his role in shaping its expansion.
