Billionaire Naguib Sawiris bets $8bn on UAE mini city expansion despite Iran war risks
Egyptian billionaire Naguib Sawiris is not sounding alarmed by the recent slowdown in the UAE property market. Instead, he’s calling it what he believes it is, a temporary pause in an otherwise long-running boom.
Black News 
Egyptian billionaire Naguib Sawiris is not sounding alarmed by the recent slowdown in the UAE property market. Instead, he’s calling it what he believes it is, a temporary pause in an otherwise long-running boom.
- Naguib Sawiris sees the UAE property market slowdown as a temporary pause, not a downturn.
- He remains optimistic about long-term real estate growth and is leading a large mixed-use project, Bayn, between Abu Dhabi and Dubai.
- Bayn will include 16,000 homes and various amenities, with strong sales already recorded and high sales targets for 2026.
- Sawiris believes current market softness offers investment opportunities and praises the UAE's stable, attractive environment.
Speaking to The National in Abu Dhabi, Sawiris said he remains optimistic about the long-term outlook for real estate in the Gulf state, announcing a Dh30 billion ($8.17 billion) expansion of a “mini city” project between Abu Dhabi and Dubai. “I am expecting the property market to continue booming,” he said. “Once this crisis is off the news, it will return to the previous boom… now, it’s a matter of pause.”
Sawiris is chairman of Ora Developers, which is behind a major mixed-use project straddling Abu Dhabi and Dubai. The developer is building a large-scale “mini city” at Ghantoot, a corridor between the two emirates, in partnership with Modon Properties.
The project, branded Bayn, is designed to eventually include 16,000 homes alongside business parks, hospitals, schools, retail outlets, offices, shopping malls, and a hotel.
Construction of the first phase began last year, and the company has already recorded Dh2.7 billion in sales in 2025. Sawiris said he expects sales momentum to continue, targeting around $1 billion in sales in 2026.
He described the long-term vision as the creation of a fully integrated urban hub.
Sawiris added that market softness presents an opportunity for investors. He said prices are currently under pressure, describing the environment as a “pause” rather than a downturn. “You buy when people are willing to give a discount,” he noted.
Despite regional geopolitical tensions, Sawiris praised the UAE’s stability and governance, saying the country’s policies continue to attract global residents and investors. He highlighted its emphasis on safety, tolerance, and economic openness. “Which country will compete with all of that?” he said.
Dubai growth shows signs of cooling
The UAE property market has remained resilient since recovering from the COVID-19 downturn and has largely withstood broader regional instability. Government reforms, including long-term residency visas for retirees and remote workers, alongside the expansion of the 10-year golden visa programme, have further supported demand.
Strong population inflows and rising wealth migration have also driven property demand, particularly in the luxury segment.
Sawiris also commented on the Iran conflict and its impact on regional sentiment, saying he was “outraged” by attacks on the UAE. He described the Strait of Hormuz tensions as unsustainable and predicted that the disruption would be short-lived, saying it would end through negotiations or resolution of the conflict.
Despite near-term uncertainty, he maintained that the UAE’s real estate fundamentals remain strong, driven by long-term demand, policy stability, and continued global investor confidence.
