Naguib Sawiris, founder and chairman of Ora Developers, has confirmed an investment of around €100 million in Silversands Mykonos.
In his first interview with a Greek outlet, Naguib Sawiris told Thema that he has been coming to Mykonos for decades and has a very special relationship with the island. He said he has lived through truly exceptional moments there, which is why the project is also a personal matter for him, and that he wanted to create something genuinely special, reflecting his love for Mykonos and leaving a positive mark on the island.
An investor with roots in telecoms
Before turning to real estate and hospitality, Naguib Sawiris built his fortune in telecommunications. He founded and led Orascom Telecom Holding, an operator that became one of the leading telecoms groups in emerging markets, active across Africa, the Middle East and South Asia, before its integration into the VEON group. His fortune is estimated at around $7.3 billion according to the Bloomberg Billionaires Index.
A member of the Sawiris family — one of the most influential in Egyptian business, alongside his brothers Onsi and Samih Sawiris, themselves leading investors — he founded Ora Developers in 2016, then named Gemini Global Development before being rebranded in 2018, to develop a diversified portfolio spanning residential real estate, energy, agri-food, logistics, mining, gold and, more recently, luxury hospitality through its Ora Hospitality division.
A timeline reshaped by construction constraints
The project, located in Kalafatis, occupies a 42,000 sqm plot. Its opening, originally planned for 2026, has been pushed back to May 2027. The businessman owns the delay, explaining that construction has taken longer than expected and that a project of this scale sometimes requires more time than initially estimated.
Asked about the source of the delay — whether construction, bureaucracy, permitting or quality requirements — he said he would make no compromise on quality, even if that meant pushing back the opening rather than delivering a result below his ambitions. He also noted that the €100 million budget has already absorbed the additional cost linked to the delay.
93 keys designed for space, not volume
The property will comprise 88 guestrooms and 5 free-standing villas, for 93 units in total, arranged around six pools. The wellness offering will be built around the Oasis Spa, a 900 sqm space. Its architectural signature rests notably on the Floating Rock Bar, a space suspended above the Aegean Sea designed as the resort’s landmark.
This deliberately limited room count reflects a conscious choice rather than a land constraint: Sawiris explained that he chose not to maximise the number of keys, in order to prioritise space, privacy and exceptional views of the island. He also described near-daily personal involvement in the project, without intervening in every technical detail.
A brand built outside international standards
The choice to develop a proprietary brand rather than partner with an international hotel group is a deliberate one. According to Naguib Sawiris, relying on an established name would have been simpler, but he wanted to create something specific to Ora, built on his own vision of hospitality and his attachment to Mykonos.
He said this would certainly not be just another six-star hotel, adding that the ambition was to create one of the most beautiful and elegant resorts in the Mediterranean, offering a highly distinctive experience and a unique character. — Naguib Sawiris
Naguib Sawiris also placed his project within a broader reflection on the destination’s future, suggesting that Mykonos may have reached its limits in terms of traditional hotel development, while a new, more sustainable form of luxury still has a place on the island.
A second attempt after the closure of Yi Mykonos
Silversands Mykonos is not the group’s first property on the island. Yi Mykonos, a 41-room boutique hotel with private pools launched in 2023 in the Elia area, ceased operations at the end of 2024 and remained closed throughout the 2025 season. Naguib Sawiris has never publicly commented on the reasons for that closure or on how the two projects relate to one another. The new resort forms part of a repositioning strategy, with a more ambitious format and a distinct location.
Mykonos, playground for international luxury hospitality
The project arrives amid strong hotel activity on the island. Four Seasons opened its Mykonos hotel in summer 2026 in partnership with AGC, while the Barrière group launched the Fouquet’s Mykonos in June 2026 alongside Yoda Group. Accor, for its part, has formed a partnership with the Daktylides family for an MGallery address.
Sources in the Greek market cited by local press describe this sequence of openings as a deliberate repositioning of the destination, geared towards the years following the current period of uncertainty, rather than a simple accumulation of luxury properties.
An HR structure taking shape ahead of opening
Ora Hospitality and Silversands have appointed Maria Vesleme as senior director of human resources for the resort. She has held HR leadership roles within international groups such as Four Seasons Hotels & Resorts and Starwood Hotels & Resorts, with experience including pre-opening projects.
In her new role, Maria Vesleme will oversee the resort’s HR strategy, including talent development, recruitment, team engagement and day-to-day HR operations. She will also be responsible for structuring the HR function and supporting the development of internal policies and processes ahead of the opening.
Economic impact and next projects in Greece
Sawiris estimates the project will create around 250 direct jobs, with a further 1,000 indirect jobs, with a knock-on effect expected on the island’s local suppliers, restaurants and transport sector.
The businessman does not present Silversands Mykonos as a standalone project. He said he wants to develop further projects in Greece, a country for which he expressed particular affection, and confirmed he is currently exploring investment opportunities in the Athens region.
At a glance by The Hospitality Tribune
Naguib Sawiris invests €100 million in Silversands Mykonos, opening pushed to May 2027
Naguib Sawiris built his fortune in telecoms (Orascom Telecom Holding, later part of VEON); net worth ~$7.3 billion (Bloomberg)
Opening delayed from 2026 to May 2027 due to construction and permitting challenges; the €100 million already covers the added cost
88 guestrooms + 5 free-standing villas (93 keys total), 6 pools and a 900 sqm Oasis Spa
Deliberately capped room count to prioritise space and privacy over volume; no international brand affiliation
Expected to create ~250 direct and ~1,000 indirect jobs; Sawiris is now evaluating opportunities near Athens
