Sawiris Announces New Investments in Sudan

By: Taarek Refaat

CAIRO, Nov. 22 (SEE)- The Egyptian billionaire and chairman of Orascom Investment Holding Naguib Sawiris announced new investments in Sudan.

"I invested in Sudan, I love the country, the people, and I will reinvest there in the future," he wrote in a tweet on Wednesday.

Sawiris added that he had planned to pull back from investment in the telecommunications sector, claiming that it had reached its peak on the local and international levels following the monopolistic behavior of a limited number of companies.

In September, Orascom announced selling its shares in Mena Cable for Telecom Egypt in a deal worth $ 90 million.

The organization said last September that it was considering entering the logistics sector to assess investment feasibility and implementation. Its strategy is entering the sector through a project that involves a road transport fleet consisting of 200 trucks.

Concerning the real estate development sector, Sawiris announced that his company is settling an agreement with the Ministry of Housing to acquire a property in downtown Cairo.

Moreover, the company announced a profit of EGP 1.07 billion during the first three quarters of the fiscal year 2018 compared to EGP 239.9 million in the corresponding period last year.

Last September, Naguib Sawiris praised the United Nations' amnesty for Orascom's subsidiary Coriolink.

Sawiris is the chairman of Euronews after acquiring 53% of its shares in 2015. His estimated net worth is $ 5.5 billion.