Egypt’s second-richest man Naguib Sawiris is exploring an investment opportunity in Barrick Gold Corp’s substantial Reko Diq copper-gold project in Pakistan, as part of his ongoing efforts to expand his business ventures in the Middle East.
Sawiris, the chairman of Orascom Telecom Media and Technology Holding SAE, who also holds a significant stake in gold mining ventures worldwide through Endeavour Mining and La Mancha Resources, is set to intensify his presence in the mining sector.
In an interview held in Islamabad, the capital of Pakistan, Sawiris expressed his interest in investing, stating, “Yes, I have an advantage compared to other investors. I know the country, I have friends here, and we want to be on the Pakistani side because I have been here for 25 years.”
The Reko Diq project, located in the Balochistan region, is among the largest undeveloped copper and gold deposits globally, with the capacity to produce 200,000 tonnes of copper and 250,000 ounces of gold annually for more than 50 years. The project is jointly owned by Barrick and the Pakistani government.
Mark Bristow, the CEO of Barrick, recently noted increased interest from multinational mining firms in Reko Diq, signifying a growing willingness to explore challenging regions for mining ventures.
The Reko Diq project has also garnered attention from Saudi Arabia, potentially offering stability to this ambitious endeavor in a geopolitically sensitive part of the world. Pakistan’s state-owned energy exploration companies have indicated a willingness to engage with foreign sovereign investors, although specifics remain undisclosed.
With a net worth of $5.61 billion amassed from investments spanning the telecom sector, mining industry, hospitality, and tourism, Sawiris ranks as Egypt’s second-richest individual, trailing only his younger brother Nassef Sawiris, who holds the title of the wealthiest person in Egypt and the entire Arab world.
This reflects Sawiris’s unwavering dedication to broadening his investment portfolio within the Middle East, while concurrently cementing a robust presence in the corporate arena. Orascom Investment, under Sawiris’s leadership as CEO, has recently unveiled a substantial blueprint for multiple investment endeavors in Uzbekistan, with a combined valuation reaching an impressive $1.2 billion.
Through Orascom Investment, the Egyptian billionaire has further declared ambitious intentions to inject capital into Iraq’s burgeoning real estate sector, symbolizing the company’s triumphant return to real estate development in Iraq after an almost two-decade focus on the telecommunications industry.
