Egyptian billionaire Naguib Sawiris is deepening his investment in Greece’s luxury tourism sector with the development of a new five-star resort on the island of Mykonos, a project expected to open in May 2027. The resort, being developed through Sawiris’ Ora Developers group, represents an investment of more than €100 million and underscores continued confidence in Greece’s high-end hospitality market despite growing competition among global luxury brands. The development is located in Kalo Livadi, one of Mykonos’ most sought-after coastal destinations, and is expected to become one of the island’s largest new luxury hospitality projects.
The resort will feature 93 accommodation units, including luxury suites and five standalone villas, alongside six swimming pools, a 900-square-meter spa, premium dining facilities, a private clubhouse, and the signature Floating Rock Bar overlooking the Aegean Sea. According to reports from Billionaires Africa and Greek City Times, the project has spent more than six years navigating planning and zoning procedures before reaching the final stages of development. Ora Developers has indicated that the property will operate under a new international hospitality brand that could be expanded across other destinations in the future.
The investment comes as Mykonos experiences a new wave of luxury hospitality development, with international operators including Four Seasons, Barrière’s Fouquet’s, and other global brands expanding their presence on the island. Industry analysts note that despite recent concerns over rising costs, infrastructure constraints, and geopolitical uncertainties affecting tourism flows, Mykonos continues to attract significant capital due to its strong international appeal among affluent travelers from Europe, the Middle East, and North America.
For Sawiris, whose business interests span telecommunications, real estate, hospitality, and infrastructure, the project strengthens a growing international luxury tourism portfolio that already includes developments in Egypt, Grenada, and the United Arab Emirates. Tornos News says the Mykonos investment reflects sustained investor confidence in premium tourism assets, particularly in destinations capable of attracting high-spending global travelers. As Greece continues to position itself as one of Europe’s leading luxury tourism markets, the resort is expected to contribute to local employment, tourism revenues, and the island’s long-term competitiveness in the Mediterranean hospitality sector.
