Sawiris unconcerned about resort’s profit losses

Sawiris remains confident despite criticism of his major alpine tourism project in central Switzerland Keystone

Egyptian property developer Samih Sawiris remains confident that his ski resort in central Switzerland will be successful despite recently published poor business results of his company, Andermatt Swiss Alps.

Sawiris said the losses of CHF7 million ($7.1 million) recorded during the first six months of this year and the slow sale of holiday apartments did not alarm him.

In a syndicated interview with the Tages-Anzeiger and Der Bund newspapers on Tuesday, Sawiris said his optimism was confirmed by a successful bond issue of CHF50 million.

Sawiris said he was confident that his company will come out of the red by 2018. That’s when a second major luxury hotel, alongside a golf course and improved transport facilities between Andermatt and the town of Sedrun, are to be completed.

No fool

The Andermatt Swiss Alps project, which will include a resort with up to six top-class hotels, 500 apartments, a congress centre as well as an indoor pool, was launched in 2007.

Figures published by the company on Monday show that Sawiris has made losses since the resort opened two years ago.

Sawiris said he has no plans to withdraw from the project.

“I’d be a fool to do so. I’ve not invested CHF300-400 million of my money into a project to let it lie idle,” he said, adding that he had plenty of experience with major tourism projects in other countries.