How ORA Developers overcomes obstacles

One of the reasons of ORA Developers' success is that the company’s decision-makers know how to manage the risks that are inevitable in the international business scene.

These risks and challenges are examined in the fourth episode of a five-episode documentary series documenting the company’s trailblazing activities and many achievements. The fourth episode in the ‘A Journey Through Time’ documentary which is entitled ‘Always Moving Forward,’ can be watched at the end of this article.

In the episode, a number of the company’s representatives talked about how ORA Developers approaches and overcomes risks in its day-to-day business around the world.

As revealed in the episode, potential obstacles include but are not limited to political risks in the countries where ORA Developers has properties as well as financial risks connected to the impact of foreign currency fluctuations, among other outside influences.

The careful approach the company’s employees have towards managing risk is clearly inspired by ORA’s Chairman and CEO Naguib Sawiris who has learnt to overcome them to achieve impressive results throughout his career.

In the episode, Sawiris’ talent for identifying opportunities is specifically mentioned by Tarek Hamdy, Chief Executive Officer, Eighteen Pakistan.

Eighteen is a multi-million-dollar, flagship, luxury living development, backed by ORA Developers, Saif Group and Kohistan Builders & Developers.

Eighteen, Pakistan

Situated southwest of Islamabad and only 10 minutes from the city’s International Airport, Eighteen is a secure community of luxurious villas and apartments, serviced by world-class amenities. As well as having an 18-hole golf course, the mixed-use project has also set new standards in sustainability and community development, providing a truly exclusive experience.

But completing the outstanding property was not without its challenges. As Sawiris said in the documentary, “In Pakistan, the challenges that we have is with the quality of the contractors. Also, finding good, qualified people was not easy.”

Hamdy, meanwhile, noted that political challenges in Pakistan including a change in government and rotation of state officials had also created difficulties. He underlined that ORA abided by the rules and was sure to obtain all the necessary building permits, notices of commencement (NOCs) etc. required to complete the property to the high caliber the company is known for.

Also in the episode, Mohamed Mansour, Chief Technical Officer, ORA referred to challenges in connection to soil conditions in Pakistan being different to what ORA was used to.

Sawiris mentioned challenges with the soil when commenting on obstacles connected to being involved in projects around the world. He talked about the difficulties to be overcome in connection to importation, and financial challenges due to the size of the banks at some locations. Sawiris said that negative experiences some lending institutions had with other developers in the past had created other obstacles for the company.

Elaborating on the financial obstacles specifically in Pakistan, Hamdy said that these included opening letters of credit, importing materials easily, high custom dues, money transfers abroad to pay consultants, and more. The challenges also include currency devaluation and inflation, he noted, adding that the company sells using the Pakistani Rupee and had not raised its prices for clients for several years despite currency fluctuations.

For Amgad Sabry, Chief Business Development Officer, ORA, a significant day-to-day challenge for the company is the speed with which the company’s long-term visions are met. This means that projects arrive on the market quickly and remain economically viable but without compromising ORA’s principles, he said.

“If I want to characterise the management style here, it is we do everything fast,” Sawiris acknowledged, adding that while some may express concern that speed may result in mistakes, ORA has to the contrary experienced very few errors.

For Khaled Morgan, Chief Development Officer, ORA, an essential element of overcoming challenges is fully understanding the location and people connected to every new project, whether it is in Egypt, Pakistan, Grenada, Greece or Cyprus.

Mansour gave the example of Egypt where the company had to deal with the devaluation of the Pound and its impact on construction costs. Alternatively, in Grenada, a main challenge is limited resources.

However, it is clear that the company is able to overcome these challenges and risks when you consider the many highly successful projects ORA Developers has in its international portfolio.

ORA Developers’ projects in Egypt currently include ZED El Sheikh Zayed, ZED East, Solana in the New Zayed area, Silversands North Coast, and Pyramid Hills situated on the Giza Plateau.

Silversands North Coast, Egypt

Located in the heart of El Sheikh Zayed city in Western Cairo, ZED El Sheikh Zayed is a luxurious real estate surrounding the one-of-a-kind ZED Park, the largest green space in the area.

ZED El Sheikh Zayed, Egypt

ZED East is a residential-led community that also includes retail and office facilities, located a short distance from New Cairo.

ZED East, Egypt

Solana, located in the New Zayed area, features residences and commercial facilities. Silversands North Coast is a luxurious summertime hospitality beach destination.

Solana, Egypt

Offering a variety of residential options, Pyramid Hills, meanwhile, is situated on the Giza Plateau very conveniently near Sheikh Zayed, the vibrant hub of Giza and provides a 360-degree view of Cairo.

Pyramid Hills, Egypt

In Grenada, ORA’s properties currently include the luxurious Silversands Grenada on the Caribbean Island’s Grand Anse Beach, Silversands Beach House, a small luxury boutique hotel, and the Port Louis Entertainment Hub, in addition to Silversands Villas.

Silversands Grand Anse, Grenada

Silversands Beach House, Grenada

Port Louis Entertainment Hub, Grenada

Silversands Villas, Grenada

Two of ORA’s other projects Silversands Mykonos and Yi Hotel Mykonos, are both on the popular Greek island. Yi Hotel Mykonos has become a popular choice for travellers looking for somewhere special to stay, while Silversands Mykonos is still under development. In Cyprus, meanwhile, ORA Developers’ vision can be seen with Ayia Napa Marina.

Silversands Mykonos, Greece

Yi Hotel Mykonos, Greece

Ayia Napa Marina, Cyprus

Looking ahead, as well as creating new hospitality ventures in Egypt and Pakistan, ORA Developers’ future plans, in addition, include the UAE.

In partnership with Q Holding, ORA will develop a smart and sustainable city in Ghantoot, Abu Dhabi - is its largest development and first footprint in the UAE region. It is also the largest real estate development in the history of the UAE’s private sector.

ORA envisions Abu Dhabi’s project to be an up-scale, sustainable, and comprehensive city of the future, targeting both residents and tourists looking for a luxurious live-work-play community.

The waterfront development is located at a unique and central location, on the sandy beach between Dubai and Abu Dhabi, providing the opportunity to create a destination that bridges between both cities.

Ashraf El Zahed, Chief Marketing Officer, ORA Hospitality also revealed other future plans in the video.

The company has the ambition to operate its luxurious Silversands brand in more destinations, something Karim Doss also confirmed along with plans to also develop the modern premium Yi Hotel brand. Doss also mentioned plans to further develop the company’s food, beverage, and retail offerings in Grenada.

Still looking ahead, Mark Scott, Chief Executive Officer, ORA Caribbean noted, “I think this the future is very exciting,” while Hamdy concluded, “The vision and the excellence and the decision making that we have at the top is really making a difference.”

Watch the video below to learn more how Sawiris and ORA Developers overcome challenges and continue to create top quality properties around the world.