He’s from a family of investors. Nassef Sawiris, Naguib’s youngest brother and the richest man in Egypt, is the biggest shareholder and chief executive officer of fertilizer producer OCI NV. He’s also the biggest shareholder in contracting and engineering company Orascom Construction Ltd. He re-based his companies outside Egypt after a tax dispute with the Muslim Brotherhood government in 2013.
Sawiris said his view of Saudi Arabia was negatively impacted by a corruption crackdown that led to the arrest of high-profile princes and billionaires in November. Authorities need to ensure there is rule of law and order and transparency, he said.
Rather, Sawiris is giving investment priority to his homeland after an International Monetary Fund-backed reform program that began in 2016. By lifting all restrictions on the currency and cutting subsidies, it boosted investors’ confidence in the economy of the Arab world’s most populous nation.
And he’s planning an investment debut in Egypt’s “booming” real estate market this year after hiring a consultant who said demand was strong, shrugging off concerns of a bubble in the market.
“In my family we are investing a lot right now because we see the opportunities,” he said. “It isn’t patriotism or advertising or anything like that.”
This article was provided by Bloomberg News.