Egypt’s business billionaire Naguib Sawiris expected the Egyptian market to witness an influx of foreign investments across several promising sectors after the endorsement of the country’s currently drafted constitution early next year, Al-Ahram Arabic gazette reported on Wednesday.
Investors are awaiting improvement in the country’s domestic conditions, Sawiris said, adding that the new constitution will mark the start of stability.
Sawiris also revealed that Sawiris family plans to inject fresh investments worth EGP 4 billion in mega projects in the industry, telecommunication and financial sectors, expecting these investments to be announced following the endorsement of the constitution.
The Sawiris family comprises Onsi Sawiris along with his three sons Naguib, Samih and Nassef. It controls the Orascom Group, Egypt’s largest conglomerate, which owns interests in construction, telecom, hotels and technology and employs over 100,000 people, according to Forbes website.
Commenting on the financial aid packages received from Saudi Arabia, UAE and Kuwait, Sawiris said they are vital for the Egyptian economy. However, he stressed that the Egyptian people should exert utmost efforts to help the economy rebound through addressing economic difficulties and removing obstacles hindering investors.
The Egyptian billionaire called upon Prime Minister Hazem El-Beblawi to ensure that legislations are issued to protect the ministers and key officials against legal liability as regards decisions they take as long as no violations are committed. He added that such a step is key to ending the indecisiveness of the government when taking decisions and thus luring investors to the local market.
The Canadian government on rejected on October 7 Manitoba Telecom Services Inc.’s proposed C$520 million sale of its Allstream business division to Accelero Capital Holdings Sarl Group, an investment firm co-founded by Sawiris, due to national security concerns.
In July, Sawiri had told Reuters he and his brothers would be "investing in Egypt like never before" after the ousting of president Mohammed Mursi.
Sawiris, a prominent Christian who was an outspoken critic of President Mursi, told Reuters the Islamist leader's government had sought to co-opt executives or, as in his case because he was in opposition, hit his family businesses with exceptional taxes.
“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,” Sawiris said.
Investors are awaiting improvement in the country’s domestic conditions, Sawiris said, adding that the new constitution will mark the start of stability.
Sawiris also revealed that Sawiris family plans to inject fresh investments worth EGP 4 billion in mega projects in the industry, telecommunication and financial sectors, expecting these investments to be announced following the endorsement of the constitution.
The Sawiris family comprises Onsi Sawiris along with his three sons Naguib, Samih and Nassef. It controls the Orascom Group, Egypt’s largest conglomerate, which owns interests in construction, telecom, hotels and technology and employs over 100,000 people, according to Forbes website.
Commenting on the financial aid packages received from Saudi Arabia, UAE and Kuwait, Sawiris said they are vital for the Egyptian economy. However, he stressed that the Egyptian people should exert utmost efforts to help the economy rebound through addressing economic difficulties and removing obstacles hindering investors.
The Egyptian billionaire called upon Prime Minister Hazem El-Beblawi to ensure that legislations are issued to protect the ministers and key officials against legal liability as regards decisions they take as long as no violations are committed. He added that such a step is key to ending the indecisiveness of the government when taking decisions and thus luring investors to the local market.
The Canadian government on rejected on October 7 Manitoba Telecom Services Inc.’s proposed C$520 million sale of its Allstream business division to Accelero Capital Holdings Sarl Group, an investment firm co-founded by Sawiris, due to national security concerns.
In July, Sawiri had told Reuters he and his brothers would be "investing in Egypt like never before" after the ousting of president Mohammed Mursi.
Sawiris, a prominent Christian who was an outspoken critic of President Mursi, told Reuters the Islamist leader's government had sought to co-opt executives or, as in his case because he was in opposition, hit his family businesses with exceptional taxes.
“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,” Sawiris said.
Source:
Mubasher
