Silversands Mykonos Aims for May 2027 Opening

Egyptian businessman Naguib Sawiris, chairman of Ora Developers, is putting about €100 million into Silversands, a six-star resort on Mykonos. He tells Thema he wants the hotel to show a quieter side of the island and to bring affluent families back.

The resort covers 42,000 square metres in Kalafatis and will have 88 rooms and five villas. Ora plans to open it in May 2027. Sawiris says the project should create about 250 direct jobs and about 1,000 indirect jobs.

He has visited Mykonos for decades. “I have been coming to Mykonos for decades and I have a very special relationship with the island. I have experienced truly exceptional moments here, and that is why this particular project is also a personal matter for me. I wanted to create something truly special, something that reflects my love for Mykonos and leaves a positive footprint on the island.”

He made his name in telecommunications through Orascom Telecom Holding, later part of VEON, and now invests across finance, energy, agribusiness, logistics, real estate, mining, gold and luxury hospitality.

Not “just another six-star hotel”

“It certainly will not be just another six-star hotel. Our ambition is to create one of the most beautiful and elegant resorts in the Mediterranean, offering a very distinctive experience and a unique character.”

He says the character comes from the mix of space, views, architecture, art, food, service and Mediterranean life. He could have used a global hotel brand. “That would have been easier. But I wanted to create something of our own.”

Mykonos nightlife, he says, is only one face of the island. “I believe there is an opportunity to showcase this more refined side of Mykonos, a place where people can slow down, enjoy understated luxury and spend meaningful time together.”

He kept the room count low on purpose. “We never wanted to maximize the number of rooms. We wanted to give people space, privacy, exceptional views of the island and a truly personal experience.” Asked what carries his signature, he answers: “Everything.”

Delays and bureaucracy

Ora first aimed for a 2026 opening. Construction overran and Greek permitting slowed the job. “It was a combination of all of these. But I am not going to compromise on quality.” The hardest part, he says, was building at this scale on an island. The €100 million figure already includes the extra cost of the delay.

Would he still put €100 million into Mykonos? “Definitely, yes.” “I love Greece, I love the Greeks. We are starting with Mykonos, but I would definitely like to create more projects in the country.” He is already looking around Athens. “If I find the right location and the right project, I will not think twice.”

He says Greece now meets his expectations as an investment destination more than it did in the past. On overbuilding: “I think Mykonos may have reached its limits when it comes to traditional hospitality projects. But if we can create a new kind of luxury, something that respects the island and offers a truly different experience, then there is still room for development.”

In ten years he wants the island to keep its spirit “but at the same time become more refined and protect the beauty and character that made people fall in love with it.”

Source: Frixos Drakontidis, Protothema / Thema, 16 September 2026.

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