Egypt tycoon says family will finance a fifth of country’s investment needs

A tycoon from Egypt’s wealthiest family said Friday that they are putting up a fifth of the country’s investment needs this year because it is the most stable place in a turbulent Middle East. Naguib Sawiris, who built a telecommunications empire and whose family-founded Orascom Group is the country’s largest private-sector employer, said the government’s economic plan emerging from an international conference hosted by President Abdel-Fattah el-Sissi required an ambitious amount of investment but that it could be raised. Sawiris said preliminary contracts would be signed between his brother Nassef’s construction company and investors from the United Arab Emirates. “There will be announcements for a power plant of around $2 billion and I’m doing a solar plant for $120 million,” he said from the conference, at Egypt’s Red Sea resort of Sharm el-Sheikh.

Of course it depends on the amount of investment we can collect - the plan calls for $15 billion a year in investments, and I believe it’s doable.

Naguib Sawiris

In all, Arab states pledged $12 billion in investment aid to Egypt. Kuwait, the United Arab Emirates and Saudi Arabia pledged $4 billion each. Most of the funds will be invested in projects while $3 billion will be deposited in Egypt’s Central Bank. The United States, however, came empty handed, with US Secretary of State John Kerry only affirming that Washington stood beside Egypt as it seeks to recover from years of turmoil. Egypt’s economy remains in the doldrums since a 2011 revolt, which was followed by the rule of elected but divisive Islamist president Mohammed Morsi. He was overthrown by then-army chief el-Sissi in 2013. The economy is picking up slowly but the government hopes the conference will spur investments to generate desperately needed jobs.

(Egypt’s stability) is a cornerstone in regional stability. Egypt presents a model for Arab civilisation. A country that rejects violence and terrorism and extremism, a country that strengthens regional stability and peace.

Egyptian President Abdel-Fattah el-Sissi

Middle East