The renowned Egyptian businessman Naguib Sawiris recently spoke about the importance of gold as a safe haven to avoid exchange rate risks, during an economic conference.
Sawiris expected that the global price of gold will increase to $2,400 in the near future. He advised individuals to allocate 10% of their investments to gold to mitigate risks associated with the euro and dollar.
Sawiris also highlighted the issue of the exchange rate in Egypt, calling for its rapid liberalization. He explained that this is especially important given that there are currently two prices in the parallel market, which poses a significant problem for the banking sector. Sawiris believed that the exchange rate crisis is the biggest obstacle facing the local economy at present and must be resolved.
Sawiris also outlined several large-scale projects he is working on in Egypt. One such project is to replace the existing tuk-tuk (Auto rickshaw) in the Egyptian market with electric ones, which has received government support and funding of $150 million.
The well-known investor further affirmed that Egypt has enormous potential for investment due to its location, climate, workforce, and infrastructure. However, he stressed the need to remove obstacles facing the local economy, such as the exchange rate crisis, incompatibility of competition between investors, and slow-selling and privatization of assets.
“I believe that increasing the number of hotels and factories will attract tourists and provide many export opportunities for local investors.”
Sawiris is also establishing two projects in the holy sites of Hijaz at a cost of $100 million, including the development of a sound and light project for $40 million. Additionally, he is constructing three hotels and a hospital on the North Coast at a total cost of $200 million.
Contributed by Ahmed Emam
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