Egyptian billionaire Naguib Sawiris supports his younger brother Samih’s decision to cease all investment activities in Egypt and relocate to Saudi Arabia.
Samih is the chairman of the board of Orascom Development Holding Company.
“People should not assume bad faith in a family or a person or individual like Samih or myself when we say something, (..) Today, many investors are afraid to come [to Egypt] because they do not know what the US dollar price will be tomorrow,” Naguib said in a telephone interview with Al-Hadath Al-Youm TV, which he posted on his Twitter page.
Naguib said there was nothing wrong with his brother’s remarks about investment in Egypt, adding that “from our experience and conversations with other investors, and when we come to prepare new feasibility studies, we have an element that we cannot put in the equation, which is the price of the U.S. dollar.” “We are a family that loves the country, Egypt, more than we love ourselves,” he added.
Previously, Samih created controversy by criticizing Egypt’s poor economic situation and proclaiming his intention to invest outside the country.
Samih made the statement during an interview with the Saudi Al-Arabiya TV channel, in which he noted that he will not be embarking on any new projects in Egypt, and that the future lies in investing in Saudi Arabia, which offers more than an industrial metropolis akin to Dubai in the United Arab Emirates.
