Mykonos, despite the general freeze on building permits imposed since 2023, continues to attract major international investmentsprovided that the necessary permits were secured in time. Among those projects is the new venture of Egyptian billionaire Naguib Sawiris, who is now entering the final stage of his second major tourism investment on the Cycladic island. The new five-star resort, Silversands Mykonos, is progressing without obstacles and, according to market information, is expected to officially open in June 2026.
Silversands Mykonos, part of the rapidly expanding Silversands Hotels and Resorts collection, is being built in Kalo Livadi. Its architecture seeks to balance Cycladic tradition with the demands of modern luxury, featuring 93 accommodation units, including five standalone villas.
The resort will include six different swimming pools, while the Floating Rock Baran entertainment space hovering above the Aegean viewaims to become a signature element of the Silversands experience. In gastronomy, award-winning chef Michael Mina signs two restaurants that will move between contemporary Greek and Asian cuisine. At the same time, the Oasis Spa will offer a comprehensive wellness and treatment program, based on combined Greek and international practices.
Sawiris previous moves in Mykonos
The new investment adds to Sawiris already significant presence on the island. The Egyptian magnate has invested millions in acquiring three luxury residences, while through his company Ora Developers he recently inaugurated his first five-star hotel in Mykonos: Yi Hotel Mykonos, in Elia. The hotel, operated by Greek company SWOT Hospitality, offers 41 rooms, 18 of which are suites with private pools or hot tubs, blending Cycladic style with minimalist Egyptian influences.
The intensity of Sawiris interest in Mykonos highlights how top international investors continue to read the island: as one of the few European destinations where luxury hospitality still delivers high returns, despite the strict regulatory environment.
Sawiris earlier presence in Greece
Naguib Sawiris is no stranger to the Greek business landscape. In 2007, he bought Wind Hellas, then a subsidiary of Telecom Italia Mobile. The investment, however, did not yield the expected results. The company ended up in the hands of its creditors in 2010, during a period of major restructuring in the Greek telecommunications market.
Now Sawiris returns to a Greece where tourism and real estate are pillars of high added value, positioning himself in the premium hospitality segment with projects bearing the signature of the international ORA Developers brand.
The visionary who builds cities
Sawiris investment activity extends far beyond the Mediterranean. The Egyptian entrepreneur, known for his role in expanding Orascom Telecom, has shifted the focus of his work to real estate through ORA Developers, which he founded in 2016 and which now holds an international portfolio worth 2.5 billion dollars.
Among his landmark projects:
Ayia Napa Marina (Cyprus): A 300-million-euro development completed in 2022, transforming the area into an integrated coastal cluster of luxury residences, marina, and commercial uses.
Madinat Al Ward (Iraq): His largest investment to date; a new city of 62 million sq. m. with 120,000 residences and 10 billion dollars in funding for the first phase. It will house over 700,000 residents, significantly boosting Baghdads housing capacity.
Bayn (United Arab Emirates): A 10-billion-dollar coastal project between Abu Dhabi and Dubai. It applies the 15-minute city concept, creating an ecosystem of sustainable luxury across 4.8 million sq. m.
Meanwhile in Egypt, Sawiris is advancing the development of new tourist complexes near the Pyramids of Giza, an investment approaching 150 million dollars, while he is also planning to list ORA on the stock exchange within three years.
