DEVELOPMENT
Creating
ORASCOM DEVELOPMENT CREATES FULLY INTEGRATED TOWNS , MIXING IN HOTELS AND SO MUCH MORE . HERE ’ S HOW ITS CEO , OMAR EL HAMAMSY , LEADS IT ALL .
Community
By DAVID EISEN
Orascom Development Holding might be one the most prolific hospitality real estate companies you ’ ve never heard of — yet . The developer has 10 fully integrated destinations across seven countries in Europe , the Middle East and Africa , totaling more than 7,000 rooms in 33 hotels and 15,000 residential units . It works with such brand partners as Rotana , Steigenberger , Sheraton , Movenpick , Radisson .
Its CEO , Omar El Hamamsy , was a career consultant : 19 years with McKinsey & Company . He ’ s also an intrepid man : he joined Orascom during the height of the COVID pandemic , in the autumn of 2020 . He guided the company through the gauntlet and turned losses into profitability —$ 10 million in year one and
$ 60 million in year two . In this far-reaching interview with HOTELS , he explains how an electrical engineering degree paved the way for his career , how Orascom is able to transform vast tracts of land and how he navigated Orascom through a challenging 2023 with sights set on a better 2024 .
HOTEL : How does someone with an electrical engineering degree become head of one of the largest hospitality developers in EMEA ?
Hamamsy : It ’ s certainly an unconventional journey . While my electrical engineering background laid the foundation for inquisitive and analytical thinking , I spent nearly 20 years at McKinsey before joining Orascom
Development in 2020 . As a senior partner , my experience in strategy , sales , marketing , operations and private equity across diverse industries equipped me with a unique perspective .
With Orascom Development operating at the intersection of hospitality and real estate development , I view these as sectors where the best customer experiences meet meticulous technical skills to create meaningful trust and connections with people . This is at the heart of our mission to create integrated destinations across Europe , Middle East and Africa and build vibrant communities where people are inspired to live , play and work , with passion and purpose .
HOTELS : 2023 was a challenging
64 hotelsmag . com Mar / Apr 2024