Egyptian billionaire Samih Sawiris wants to team up with a Swedish company to link and upgrade Switzerland’s Andermatt and Sedrun ski resorts.
A letter of intent published on Wednesday shows that Andermatt Swiss Alps – a subsidiary of Sawiris’ Orascom Development – is joining forces with SkiStar. Together they plan to invest SFr140.8 million ($159.8 million) in the project.
“The development is conditional on agreements being reached with existing shareholders, creditors and the respective cantons of Graubünden (Sedrun) and Uri (Andermatt), as well as the federal government, with regards to contributions supporting the planned investments,” according to the statement released by Andermatt Swiss Alps.
Yet critics are already getting uneasy, citing concerns about the potential environmental impact as well as the possibility that the new infrastructure might grossly exceed the demand.