«During the journey from Göschenen to Andermatt you can see and feel the power of these rough and massive rocks. It’s a sight I’ll never forget,” says Samih Sawiris, Egyptian visionary and investor, on his first trip to Andermatt. During his visit in 2005, he was supposed to support the Uri government as an advisor in making Andermatt more attractive again after the withdrawal of the Swiss army. But he quickly decided to develop a tourism project for Andermatt himself.
High level of construction activity in recent years This first visit to Andermatt is now 17 years ago. Andermatt is now in the middle of developing into a prime alpine destination. In the Andermatt Reuss district of the village, 15 apartment buildings were in operation at the beginning of the year, three under construction and several in the planning stage. In addition to the apartment buildings, there are two hotels: The Chedi Andermatt in the village center opened in 2013 and the Radisson Blu Hotel Reussen in 2018. The Gotthard Residences, apartments with hotel service, are connected to the Radisson Blu Hotel Reussen. In accordance with the sustainability principle of the Andermatt Swiss Alps, Andermatt Reuss is car-free, all houses are built to low-energy standards and the electricity comes from renewable sources.
How it all started The vision for the tourist destination was presented to the population of the Ursern Valley at the end of 2005. In March 2007, the municipality of Andermatt approved with 96% yes votes. As a result, the Swiss army sold a majority of the areas used for military purposes. The Andermatt Reuss part of the village is now being built on this ground. International architectural competitions were announced for the apartment buildings and the design of the master plan.
As a unique project of this scope and because of its national importance, the Federal Council exempted it from the Lex Koller in 2007, which also approved the district design plan.
In addition to real estate and the hotel industry, the tourist offer in the Ursern Valley is also being expanded. At the same time, Andermatt Swiss Alps AG took over the ski area in order to expand and modernize it. Over the course of three years, lifts were renewed or newly created and a continuous network of 120 km of slopes up to Sedrun was realised. Together with Disentis there are even 180 kilometers of pistes.
Year-round destination Andermatt New offers are also being created for the summer months. The Andermatt Swiss Alps Golf Course opened in 2015. This was awarded the globally recognized GEO certification. The 18-hole golf course was awarded Swisstainable Level III, leading by Switzerland Tourism. The cultural offer in Andermatt was supplemented in mid-2019 by the highest concert hall in the Alps. The Andermatt concert hall was designed by Studio Seilern Architects under the direction of Christina Seilern. A further 20,000 m2 of the infrastructure base is currently being created in order to build the next houses and hotels. A total of 42 apartment buildings, 6 four- and five-star hotels and several villas are planned.
Best location directly on the European north-south axis The most direct connection between Europe’s south and north has always been through Uri, but no later than the construction of the legendary Devil’s Bridge in 1230. Since the opening of the Gotthard railway tunnel in 1882, fast transport of people and goods has also been guaranteed by rail. And in 2016, a new work of the century went into operation with the Gotthard base tunnel: since then, Uri has been connected to the south by the longest railway tunnel in the world (57 km).
With the commissioning of the cantonal train station in Altdorf in 2021, the south and north moved even closer to Uri: Lugano can now be easily reached in 50 minutes, Milan in two hours and Zurich in one hour with direct connections.
The central location of the Uri site with advantageous connections at a glance.
Optimal cost environment Uri not only impresses with its advantageous location, but also with an attractive cost environment. On the one hand, the Gotthard canton combines several financial advantages for the benefit of the resident population: the tax burden, health insurance premiums and housing costs are relatively low. The proportion of properties with at least four rooms that can be afforded with a household income of CHF 134,000 is 31 percent on average in Switzerland in 2021. In Uri, this value is 40 to 50 percent. This underlines the attractive real estate prices in Uri. At the same time, the tax deduction options for families are well above the Swiss average. In this way, the people of Uri can freely dispose of around 50 percent of every franc they earn in Uri. In terms of disposable income and the financial attractiveness of living, the canton of Uri is among the clear leaders in Switzerland.
In the same way, companies also benefit from relatively inexpensive land and real estate prices. But Uri also outperforms many cantons in corporate tax competition. Because the Gotthard canton has had a flat rate tax for years – for both natural and legal persons. The low corporate taxes are particularly beneficial for small and medium-sized companies. The profit tax is around 12.6 percent and the capital tax is 0.001 percent (cantonal and municipal taxes in the municipality of Altdorf). Both in the Swiss and in the international comparison, Uri thus occupies an absolute top position!
Fast and reliable realization of business ideas Decision-makers and reliable partners in authorities, business and society can be reached quickly in Uri. After all, a small canton also means short distances. The small size also means tailor-made solutions, so that business ideas can be implemented pragmatically. In addition, Uri can boast of committed and effective employees who are characterized by loyalty and a high degree of identification with the employer.
Uniquely simple combination of work and leisure Kayaking before starting work? Cross-country skiing during the lunch break? Short hike in the evening with the family? Embedded in an attractive mountain and lake landscape, the canton of Uri with its local recreation areas makes this unique combination of work and leisure possible. In Uri there is energy and quality of life – discover this added value at work, after work and on days off.
Good things are so close: a unique combination of free time and work in the canton of Uri. (Image: Angel Sanchez)
Numerous investments in a small space A lot is currently being built in the canton of Uri. Hardly any other place invests so much in such a small space. This results in significant impulses that contribute to the noticeable spirit of optimism in the canton of Uri. The development of the Uri housing market is exemplary for this. In the last 10 years it has grown by almost 3,000 new apartments – that means a remarkable increase of 16 percent.
The resident population of Uri, which has stagnated in recent decades, has also been growing significantly again for several years. All of this underscores the attractive framework conditions, but is also thanks to the well-known investments in the Uri location.
Promotion to the tourist champions league Tourism development in Andermatt in particular has contributed to this growth. Due to the partial withdrawal of the military, the mountain community was faced with major challenges. Egyptian investor Samih Sawiris brought the turning point. Since 2009 he has invested more than CHF 1.3 billion together with fellow investors, thereby catapulting Andermatt into the tourism champions league. CHF 130 million went into the modernization and expansion of the winter and summer sports facilities. Further investments were made in an ecologically operated 18-hole golf course and in a multifunctional concert hall for brilliant music experiences as well as conferences and exhibitions. With Andermatt Reuss, a completely new part of the village was created with hotels, apartment buildings, restaurants and businesses and its own village square, the Piazza Gottardo.
With more than 1000 employees, Andermatt Swiss Alps AG, which operates the tourist resort, is now the largest employer in Uri. Andermatt is an up-and-coming and attractive tourist destination. Further investments are already planned: on the one hand, the new village part of Andermatt Reuss will be expanded in stages by another 18,000 m2. On the other hand, Vail Ski Resorts will take over the majority of the mountain railway infrastructure in Andermatt and plans further investments of over CHF 100 million.
Newly created part of the Andermatt Reuss village with a view of the «Piazza Gottardo». (Image: Andermatt Swiss Alps)
More mobility and attractiveness in the Uri valley floor Despite the impressive development in the mountain village of Andermatt and its importance for Uri as a business location: around 80 percent of the population of Uri live in the valley floor, where most of the service, industrial and commercial companies are concentrated. This area has undergone substantial changes in recent years. With the development focus of the Urner valley floor around the cantonal train station in Altdorf, Uri is tackling a project for generations: Here, sustainable uses are created in the overall regional interest and the corresponding economic, settlement and transport infrastructures are carefully coordinated.
An important milestone was reached in December 2021 with the commissioning of the new cantonal railway station in Altdorf. Intercity trains now stop in Altdorf, which connects the station to the Gotthard base line. The regional and national bus concept is also geared towards the new hub. Impetus for economic and settlement projects should arise from better accessibility. The first effects are already visible: in the immediate vicinity of the train station, modern residential developments have already been realized with “Vena” and “Cubo”. Others, such as the “Strickermatt” development in the immediate vicinity of the cantonal railway station, are in the works. The Cantonal Bank of Uri is also actively involved in the development of the new Uri transport hub. With its newly erected service building at Bahnhofplatz 1, it is committed to the overall economic development of the canton and the bank itself. State-of-the-art office space has been created there in a prime location. The UKB itself claims a third as its new headquarters, and a further 3100 m2 are rented out. Exciting new companies from Germany and abroad have already settled here.
Werkmatt Uri – space for business ideas The Werkmatt Uri in Altdorf is the central piece of the puzzle for the focus of development. It is the largest contiguous land reserve in Uri. The canton of Uri, as the owner, invested millions in the area between the new canton train station and the future half-junction to the motorway. On around 120,000 m2, the area offers business opportunities for future-oriented industrial, commercial and service companies. More than 1,000 jobs are to be created on the site in the future. The aim is to develop the area in a coordinated manner so that sustainable economic uses can arise. The public sector as the provider is striving for a win-win situation with investors and the future owners and users of the area.
What the Werkmatt could look like in the future, including the Autobahn half connection.
Further promising developments are pending The canton of Uri has already implemented various generation projects, as described above. Other important development projects are pending. A new traffic hub in Göschenen is being planned. In addition to the station for trains and buses and a multi-storey car park, a cable car connection from Göschenen station to the Andermatt ski area is being planned.
In addition, there is the west-east bypass in the Urner valley floor, which will relieve the settlement areas of road traffic and thus upgrade them. In Altdorf, a new half-junction to the motorway is being built, which will open up the Urner valley floor even better. The federal government is already working on the construction of the second Gotthard road tunnel. Finally, new bike paths are being created, which should make Uri even more attractive for non-motorised traffic. In addition, investments in education and research are becoming even more important. The first approaches are already there: on the one hand with the Institute for Alpine Cultures, which is dedicated to the special features of the Alpine region – from prehistoric evidence to specific traditions to the challenges of the present. On the other hand with the Logistikum Schweiz in Altdorf, a research and innovation center for logistics and supply chain management.
Promotion of the Uri location – your effective partner Many exciting developments are underway in the canton of Uri. Location promotion is working on using this momentum in an economically sustainable manner and converting it into jobs and added value for the entire canton. How does the Uri location promotion work?
On the one hand, we make the advantages of the Gotthard canton and the exciting developments visible. Location communication and marketing takes place via the web, print, trade fair appearances and via the personal network. In particular, membership in the Greater Zurich Area is intended to ensure that the Uri location and its advantages are even better perceived. Those interested in settling, as well as existing companies and start-ups, are supported by the location promotion in consultations or during site visits or the search for building land. It is also the information and contact point of the administration for the economy of Uri. In addition, she establishes contact with the key people in business, education, innovation promotion and authorities.
Wide range of tools The Uri location promotion can fall back on a wide range of instruments to support companies. They are custom-defined for each individual case. Innovative start-ups, for example, benefit from this in the form of start-up aid. Another option is to support cross-company initiatives with the New Regional Policy (NRP), a funding instrument for rural and mountain areas. As a start-up aid or pioneer, she can help entrepreneurial initiatives to achieve a breakthrough.
With the Uri location promotion, you can count on quick, competent and binding reactions to your concerns.
Welcome to the living and business location Uri. Grab the bull by the horns with us!
Vail Resorts’ investment of CHF 149 million consists of two parts. On the one hand from an investment of CHF 110 million in Andermatt-Sedrun Sport AG to improve the guest experience on the mountain. On the other hand, from an amount of CHF 39 million, which is paid to ASA and fully reinvested in real estate development. ASA invests in the further development of the core business in Andermatt and Sedrun, ie in real estate, hotels and infrastructure as well as the expansion of Andermatt Reuss. The CHF 110 million will be invested via Andermatt-Sedrun Sport AG in lift systems, snowmaking systems, gastronomy, leisure activities and infrastructure in the SkiArena Andermatt-Sedrun.
Andermatt Swiss Alps AG has already invested around CHF 1.3 billion in the development of Andermatt in recent years. This includes around CHF 150 million that was invested via Andermatt-Sedrun Sport AG to expand and modernize the SkiArena Andermatt-Sedrun. Vail Resorts’ investments in Andermatt-Sedrun Sport AG will significantly accelerate the expansion of the SkiArena Andermatt-Sedrun and the destination as a whole. The partnership between Vail Resorts and ASA is based on a shared vision to build and expand a premier alpine destination and ski area.
“As a partner, Vail Resorts is an ideal match for our goal of developing Andermatt into a prime alpine destination,” says Samih Sawiris, majority owner and Chairman of the Board of Directors of Andermatt Swiss Alps AG. “With its high level of expertise in the successful operation of integrated destinations, its impressive marketing capacities and the fresh capital, Vail Resorts will provide a strong boost for the further development of Andermatt-Sedrun.”
Omar El Hamamsy, CEO of Orascom Development Holding AG (ODH), ASA’s second major shareholder, adds: “It’s great to have Vail Resorts as a partner in our group of 14 destinations.” ODH has a long and successful history of developing luxury destinations in Europe and the Middle East, which in combination with Vail Resorts’ partnership and investments will further strengthen the Andermatt-Sedrun destination.
“Entering the European market is a long-term strategic priority for Vail Resorts. We are extremely excited to partner with ASA and invest our capital and resources to support the transformation of Andermatt-Sedrun into a premier destination,” said Kirsten Lynch, CEO of Vail Resorts. “We want to rely heavily on and learn from our partners, the community and the Andermatt-Sedrun team while gaining experience and getting to know the area, its guests and operations. We are proud to add this unique Swiss destination to our network of world-class resorts and to incorporate it into the Epic Pass, expanding access for our existing pass holders and seeking to create an even more diverse offering for skiers in Europe.”
The companies’ partnership goes beyond a shared commitment to enhancing the guest experience. Both Vail Resorts and ASA place safety, sustainability and contributing to the success of local communities first. In particular, both companies have individual obligations to protect and preserve nature. Vail Resorts is doing this with the Commitment to Zero initiative (net zero carbon footprint and zero waste at all 40 resorts by 2030). Through the Andermatt Responsible campaign, the ASA is committed to sustainable and climate-friendly tourism in the Andermatt region, with the aim of being CO2-neutral in operation by 2030.
A representative from Vail Resorts will take over the presidency of the board of directors of Andermatt-Sedrun Sport AG, the ASA will provide the vice-president. Topics such as future organization and others will be decided over the next few months. The winter operation that has already started will continue as planned. There are no changes for employees.
The negotiating team was led by Naguib S. Sawiris, member of the ASA Board of Directors and designated Chairman of the Board of Directors of Orascom Development Holding AG. The transaction is expected to close before the 2022/23 ski season. Vail Resorts plans to include Andermatt-Sedrun in the 2022/23 Epic Pass and Epic Day Pass with access to all resorts, subject to the timing of transaction completion.
Orascom Development Holding ( Orascom DH ) announces a change in leadership. Samih Sawiris will step down from his position as Chairman of the Board of Directors at the next Annual General Meeting in spring 2022 after more than 30 years. The Egyptian investor does not stand for re-election.
His son Naguib will propose Samih Sawiris as Chairman of the Board of Directors. He has been a member of the Board of Directors since 2016 and its Vice Chairman since 2020. As part of the planned succession plan, Naguib Samih Sawiris is to become the new majority shareholder in Orascom DH. Samih Sawiris will transfer control to his son for this.
Samih Sawiris wants to continue to be available to the holding company as a consultant. He also remains Chairman of the Board of Directors of Andermatt Swiss Alps AG . Orascom DH holds a 49 percent stake in Andermatt Swiss Alps AG. The majority is and remains privately owned by Samih Sawiris.
In total, the Orascom DH portfolio includes destinations in seven countries. In addition to Switzerland, these include Egypt, the United Arab Emirates, Oman, Morocco, Montenegro and Great Britain. The holding's shares are listed on the SIX.
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