Egyptian billionaire Naguib Sawiris is moving ahead with an $8 billion expansion of a large-scale “mini city” project in the United Arab Emirates, signaling strong long-term confidence in the Gulf’s real estate market despite short-term geopolitical tensions. The investment, announced in April 2026, will fund the expansion of the Bayn development located between Abu Dhabi and Dubai, as reported by Business Insider Africa.
The project, led by Ora Developers, is expected to reach a total value of about $8.17 billion (Dh30 billion) following additional land acquisition. Designed as a fully integrated urban hub, the development will feature around 16,000 homes alongside business parks, hospitals, schools, retail outlets, offices, and hospitality infrastructure, positioning it as a new commuter city between the UAE’s two largest economic centres.
Construction of the first phase began in 2025, with the company already recording about $735 million in sales and targeting roughly $1 billion in 2026. Sawiris has described the current softness in the UAE property market, partly linked to tensions involving Iran as a temporary pause rather than a downturn, viewing lower prices as a strategic entry point for long-term investors, The National noted.
The expansion highlights continued investor confidence in the UAE’s real estate fundamentals, supported by population growth, policy reforms, and sustained foreign demand. Sawiris’ bet underscores a broader trend of large-scale urban developments reshaping Gulf economies, even as global geopolitical risks test short-term market sentiment.
