Egyptian billionaire Naguib Sawiris, one of the wealthiest men in Africa and the second-richest man in Egypt, is reportedly looking to make new investments in Pakistani markets through his subsidiary investment firm, Eighteen Elite Real Estate.
In a meeting with Pakistan’s Federal Minister for Finance and Revenue, Ishaq Dar, on Monday, the CEO of Sawiris’ investment firm, Eighteen Elite Real Estate, Tarek Hamdy, expressed a keen desire to invest in the country.
Eighteen Elite Real Estate is a subsidiary of Sawiris’ business empire and is focused on real estate investments. Sawiris is one of the richest men in Africa and the second-richest man in Egypt. His brother, Nassef Sawiris, ranks as the wealthiest man in Egypt, with a net worth of $6.91 billion.
During the meeting with Dar, Hamdy briefed the finance minister on Eighteen Elite Real-Estate’s profile and outlined the billionaire’s future investment plans for Pakistan.
“Egyptian investors have long-standing business relations with Pakistan in the fields of telecommunications and real estate, and are keen to deepen these relations,” he said. Hamdy added that Egyptian businessmen were also looking to invest in other sectors in Pakistan.
Dar appreciated the contribution of Egyptian businessmen to Pakistan’s economy and welcomed foreign direct investment. He affirmed the government’s commitment to providing a conducive environment for foreign investors.
This is not the first time that Sawiris has expressed an interest in investing in a new market. In October, he announced plans to invest $100 million in Morocco’s technology sector.
Speaking on the sidelines of the African Business Forum (Choiseul) in Casablanca, Sawiris said he was attracted to the sector because of the potential for investments in electric vehicle charging stations in Africa to do well in the future. He added that he was already in negotiations with several African governments to take the lead in this area.
In addition to his investments in technology, Sawiris also revealed plans to invest $200 to $300 million in the construction of four new hotels in Egypt through his investment holding company, Orascom Investment Holding.
The hotels, two of which will be built on the country’s northern coast and two near Cairo and the pyramids, will be developed by Ora Development, an Egyptian joint stock company founded in 2016 that focuses on projects similar to those seen in Europe.
Since its founding in 2011, Orascom Investment Holding has made investments in a range of sectors, including real estate, telecom, media, and technology, in strategic markets in Europe, the Middle East, and North Africa. The holding company has a strong track record of success under the direction of Sawiris, who plays a strategic role in the organization.