Egypt Billionaire Sawiris Family to Invest Like Never Before

July 21, 2013 1:43 pm

Egyptian tycoon Naguib Sawiris, whose family controls the sprawling Orascom corporate empire, said he and his brothers will be “investing in Egypt like never before”

The Orascom group of companies is one of the biggest private sector employers in Egypt – providing more than 100,000 Egyptians with jobs according to Sawiris, who now runs a new investment firm Orascom Telecom, Media and Technology,

“My family and myself are going to be investing in Egypt like never before – any new projects where we can invest, any new factories that we can open, any new initiatives that will provide jobs for the young people of Egypt,” he said, although he did not give any specifics.

“I am very very sure that Egypt will come back very strongly now,” he said

Alongside OCI which has cement and fertilizer plants and an international construction business, a third brother, Samih Sawiris, runs Orascom Development Holding (ODHN.S), operating tourists resorts and real estate projects in Egypt and Europe.

Sawiris said international businesses should invest now, while many are still nervous about prospects.

“I know it is going to be stable, so you always make the most of your money when you move first,” he said.

 

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