Egyptian market flexible, safe for investment – Naguib Sawiris

Cairo – Mubasher: Investors in Egypt should not be cautious anymore, especially after the floatation of the Egyptian pound, Egyptian billionaire Naguib Sawiris said.

Investors have become able to get their money in and out and the dollar is “stable at a very beneficial rate”, the telecoms magnate added in an interview with CNBC.

High demand for Egyptian assets is thriving now, in line with the growth in the real estate, infrastructure, agriculture, and energy services sectors, he indicated.

Sawiris partially depends on investing in gold, describing it as a “safe haven” to hedge against geopolitical risks, according to the Us-based news broadcast.

He further noted that his assets in North Korea, through the telecom-provider Koryolink, would worth billions once conflicts between North Korea and its South counterpart come to an end.

It is worth noting that Egyptian tycoon Naguib Sawiris is the chairman of Orascom Telecom, Media, and Technology Holding.

Orascom Telecom’s capital amounts to EGP 2.2 billion distributed over 5.24 billion shares at a par value of EGP 0.42 per share.

Mubasher Contribution Time: 17-Apr-2018 10:31 (GMT)
Mubasher Last Update Time: 17-Apr-2018 10:46 (GMT)

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