Egyptian billionaire Naguib Sawiris is expanding his presence in Greece’s high-end tourism sector with a new €100 million Mykonos luxury resort, set to open its doors in May 2027. This ambitious project, spearheaded by Sawiris’s Ora Developers, is meticulously designed to capture the discerning eye of the international luxury travel market, solidifying Mykonos’s position as one of Europe’s most coveted destinations.
The Investment in Mykonos Luxury Resort
The Mykonos luxury resort represents a significant capital injection exceeding €100 million, targeting an exclusive clientele drawn to the island’s unparalleled allure. Ora Developers has articulated that this venture is a cornerstone of its broader strategic vision to cultivate premium tourism assets across the globe. The expansive property will encompass 93 accommodations, featuring 88 meticulously appointed rooms and suites, complemented by five opulent standalone villas. Spanning an impressive 42 acres, the resort promises an immersive experience of grandeur and tranquility.
Guests will be treated to a comprehensive suite of upscale amenities, including six distinct swimming pools, a sprawling 900-square-meter spa, a sophisticated clubhouse, and various other bespoke facilities tailored for affluent leisure travelers. This scale of development underscores Sawiris’s conviction in the enduring appeal and growth potential of Mykonos’s luxury segment.
“This project is not just about building a hotel; it’s about crafting an unparalleled luxury experience that resonates with the global elite,” a source close to the development noted, highlighting the strategic intent behind the substantial investment.
Six Years in the Making
The journey to realize this Mykonos luxury resort has been a testament to perseverance, requiring over six years of meticulous planning and development. Executives involved in the project have acknowledged that progress has been intermittently slowed by the intricate zoning and spatial-planning challenges inherent to Mykonos. These regulatory hurdles have become increasingly prevalent as local authorities strive to judiciously manage the rapid pace of tourism development on the iconic Cycladic island.
Despite these complexities, the project has now transitioned into its critical staffing and operational-preparation phases, maintaining its targeted launch in 2027. Sources familiar with the undertaking reveal that the resort will debut under a new, as-yet-unnamed international hospitality brand. This brand is intended to become a flagship for Ora Developers, potentially extending its footprint across other high-profile tourism projects within its global portfolio.
A Broader Bet on Greece
This latest Mykonos luxury resort is not an isolated endeavor but rather a significant chapter in Naguib Sawiris’s long-standing and expanding investment narrative in Greece. The billionaire, whose diverse interests span telecommunications, real estate, hospitality, and infrastructure, has systematically built a formidable presence in the Hellenic Republic through strategic property and tourism ventures over many years.
Ora Developers previously launched YI Mykonos, a boutique hotel featuring 41 rooms, each with private pools, in the island’s Elia area in 2023. However, that property ceased operations at the close of 2024 and has remained inactive since the 2025 season. The new €100 million development signals a considerably larger and more ambitious undertaking, dwarfing his earlier Mykonos hospitality foray. Upon its scheduled completion, it is poised to become one of Greece’s most substantial luxury hotel investments in recent memory.
Market Impact and Future Outlook
The launch of such a significant Mykonos luxury resort is expected to reverberate across the Greek tourism landscape. Mykonos continues to be a magnet for ultra-high-net-worth travelers from Europe, the Middle East, and the United States, a demographic that increasingly prioritizes exclusivity, comprehensive wellness offerings, and bespoke premium experiences. This new resort is strategically positioned to compete vigorously within this demanding market segment, further elevating Mykonos’s international standing.
For investors and industry watchers, Sawiris’s continued commitment to Greece, particularly in its luxury tourism sector, underscores confidence in the region’s long-term economic resilience and its allure as a premier global destination. The successful navigation of regulatory challenges and the sheer scale of this investment suggest a robust outlook for Ora Developers’ future endeavors in high-value real estate and hospitality.
As the May 2027 opening approaches, all eyes will be on how this new flagship property redefines the luxury experience on Mykonos and impacts the competitive dynamics of Europe’s most sought-after island retreats. This development solidifies Sawiris’s reputation as a visionary investor, consistently identifying and capitalizing on opportunities within the global luxury market. For more insights into major investment trends, explore more success stories.
