S T O R Y S O FA R
LUŠTICA
BAY
BACK IN 2008, LUŠTICA BAY was a lovely but empty stretch of Montenegrin coastline. In the 11 years since Samih Sawiris, the far-sighted chairman of Orascom Development, spotted its potential, this former military training ground of nearly seven million square metres has been transformed. It is already well on the way to becoming the diverse, vibrant Montenegrin town that Samih Sawiris envisaged. Much has changed in those 11 years, but the key principles behind Luštica Bay have not. ‘We build towns, communities, experiences, not just buildings,’ says Khaled Bichara, the CEO of Orascom Development, the company behind nine uniquely evolved destinations across three continents, including Luštica Bay. The company’s philosophy is ‘Life as it should be’ and this is woven through each and every one of those destinations, from El Gouna in Egypt to Andermatt in the Swiss Alps to Luštica Bay itself. Orascom does not simply construct houses – though its residences, from studio apartments to graceful villas, are highly desirable. It does not simply develop resorts – though its eye for stunning locations is keen. The company’s ethos is focused on the long term; on sustainable, well-managed, integrated towns that work to the benefit of residents, the local community and investors alike. ‘Last summer was very exciting for Luštica Bay – not just in terms of gorgeous houses but also the opening of the marina and The Chedi Luštica Bay hotel,’ says Khaled Bichara. ‘The excitement of seeing a community come to life is the same in all the different
THE STORY
countries in which we work. The beauty of what we are doing is building different towns, with different characters, based on individual locations – and based on the needs of our customers.’ The prime minister of Montenegro gave his personal congratulations at the opening of The Chedi Luštica Bay; a measure of the standing and prestige of the Luštica Bay development in the country. ‘It has been tough working to deliver the promises we made,’ says Khaled Bichara. ‘Being the largest investor in a sector in a country is a blessing – but also a big responsibility. We can deliver because of our credibility. When we promise something to our client, we can look them in the eye years later and be glad we have delivered something they are happy with – not a product, but a town. You have to be patient, to invest, not make knee-jerk reactions, never take short cuts.’ This prescient, long-term vision has stood Orascom – and Luštica Bay – in good stead. Environmentally friendly principles have been a cornerstone for Orascom for three decades, ever since the company was founded. While such concerns are now widely recognised as crucial, a decade ago few developers would have considered them key. ‘This is something we’ve stuck with since the very beginning,’ affirms Khaled Bichara. ‘Being a very large landowner, we understand that, to create value in the long term, we have to be good to the environment so the environment is good to us.
SO FAR
As Orascom Development, the company behind Luštica Bay, celebrates three decades of building sustainable, integrated, beautiful towns, CEO khaled bichara explains the Orascom vision
LUSTICABAY.COM
13
