Egyptian billionaire Naguib Sawiris is preparing to expand his presence in Greece’s luxury tourism market with a new five-star resort in Mykonos, expected to open in May 2027.
- Egyptian billionaire Naguib Sawiris is developing a five-star resort in Mykonos, set to open in May 2027.
- The project, worth over €100 million, targets the high-end international luxury travel market.
- The resort will include 93 accommodations, multiple villas, six pools, a large spa, and upscale amenities across 42 acres.
- Development required over six years due to zoning challenges, and will launch under a new international hospitality brand by Ora Developers.
The project, valued at more than €100 million, is being developed by Ora Developers and is designed to target the high-end international travel market that has made Mykonos one of the Mediterranean’s most sought-after destinations.
Ora Developers says the resort forms part of a broader strategy to invest in premium tourism destinations worldwide. The development will include 93 keys, comprising 88 rooms and suites, plus five standalone villas, spread across approximately 42 acres, according to ProtoThem.
The property is planned to feature six swimming pools, a 900-square-meter spa, a clubhouse, and other luxury amenities aimed at affluent leisure travellers.
Six years in the making
Executives say the project has required more than six years of planning and construction. Progress has been slowed at times by zoning and spatial-planning challenges that have become increasingly common in Mykonos as authorities seek to manage rapid tourism development on the island.
Despite those hurdles, the project is now moving into the staffing and operational-preparation phase ahead of its scheduled launch in 2027.
Sources familiar with the development indicate that the hotel will operate under a new international hospitality brand that Ora Developers intends to use across additional tourism projects in its global portfolio.
A wider Greece bet
The resort is the latest chapter in Sawiris’ expanding investments in Greece. The billionaire, known for interests spanning telecoms, real estate, hospitality, and infrastructure, has spent years building a presence in the country through property and tourism ventures.
Ora Developers previously launched the boutique hotel YI Mykonos in the Elia area in 2023. That property offered 41 rooms with private pools but stopped operating at the end of 2024 and has remained inactive since the 2025 season.
Luxury tourism remains the focus.
For Sawiris, the new Mykonos development represents a far larger and more ambitious project than his earlier hospitality venture on the island. If completed on schedule, it will become one of the most significant luxury hotel investments in Greece in recent years.
With Mykonos continuing to attract wealthy travellers from Europe, the Middle East, and the United States, the resort is designed to compete in a market where exclusivity, wellness, and premium experiences increasingly drive demand.
