Home Tech CEO Weekends: Billionaire Naguib Sawiris Plans To Increase His Investment In Egypt

CEO Weekends: Billionaire Naguib Sawiris Plans To Increase His Investment In Egypt

by Caroline Vutagwa
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Naguib Sawiris an Egyptian millionaire told Reuters that his family has plans of increasing their investments in the country to money in billions of dollars. This comes after the July 3 ousting of President Mohammed Morsi by military force.

The millionaire revealed in a phone interview with Reuters, he also said that regardless of Egypt’s attractiveness as an investment destination in the wake of its political uncertainties, he will still go on with his plans.

“My family and I will inject investments in Egypt like never before, in any new projects we could invest in,” Sawiris said.

Being the oldest son of construction magnate Onsi Sawiris, the millionaire sad that his family is ready launch new projects and undertake new initiatives that could provide jobs for the young people of Egypt.

“There is no going back from what happened beginning on 30 June, and I am confident that Egypt’s temporary government understands its current role and is aware of what its priorities should be in the coming months. This provides us, as investors, with new business opportunities, particularly in the hotel and tourist industries,” said

He added: “The removal of this fascist regime has led to a nationwide revival, which will lead to increases in rates of tourism, in addition to creating a more enlightened country.”

Naguib Sawiris, who is also a politician and  co-founder of Egypt’s Al Masreyeen Al Ahrrar  political party, has been a vocal critic of Morsi’s regime.

He left the country last year after Morsi was elected into power. He only returned to Egypt in May after a few senior executives who work with his Orascom Construction Industries were cleared of charges related to tax evasion, including Naguib’s brother Nassef Sawiris.

During his self-imposed exile, his political party participated in several anti-Morsi demonstrations. His privately-owned television station, ONTV regularly aired shows that criticized the regime.

The Sawiris family controls the Orascom Group, Egypt’s largest conglomerate, which owns interests in construction, telecom, hotels and technology and employs over 100,000 people.

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