Egyptian billionaire Naguib Sawiris expands Orascom's gold mine investments to $1.5 billion
Key Points
- Billionaire Naguib Sawiris has invested $1.5 billion in global gold mining projects.
- Orascom has secured exploration licenses in Egypt and Uzbekistan.
- Rising demand from China and Russia is driving up gold prices, benefiting Orascom’s operations.
Billionaire Naguib Sawiris, Chairman of Orascom Investment Holding, has revealed that his company's investments in gold mines have reached a staggering $1.5 billion.
This move, according to Sawiris, strengthens Orascom's position as a major player in the global gold industry. Sawiris emphasized that three key factors have contributed to the rise in gold prices, including limited new gold mines and increased demand from economic powerhouses like China and Russia.
Sawiris also highlighted that it can take up to six years for a newly discovered mine to start production, creating a significant supply bottleneck. As a result, this supply issue has fueled an increase in demand, pushing prices higher.
Major expansion into global markets
Orascom led by Naguib Sawiris has not only concentrated on gold mining business in Egypt, but it has now extended to other countries as well. The company acquired nine exploration licenses in Egypt and more licenses in Uzbekistan in an effort to diversify its gold interests.
Sawiris also said that Orascom plans to return to Sudan when there is crisis in the region subdued. "We are waiting for the war in Sudan to end so we can start our work there," said Sawiris, hinting at the untapped potential in the country.
Sawiris, a renowned Egyptian tycoon, is positioning Orascom as a leading force in the gold mining industry by capitalizing on global demand. The company’s strategic moves into Uzbekistan and Egypt align with its broader goal of expanding into international markets, further solidifying its dominance in the gold sector.
Rising demand and global impact
Naguib Sawiris pointed out that the growing demand for gold from countries such as China and Russia has contributed significantly to the upward trajectory of gold prices.
The billionaire explained that with fewer mines in operation and increasing demand, Orascom is set to benefit from its massive $1.5-billion investment in the industry. Sawiris believes that as demand continues to rise, Orascom’s investments will yield long-term gains.
The company’s commitment to exploring new markets and expanding its gold mining capabilities has positioned it as a dominant player in the industry. Sawiris remains optimistic about the future of Orascom’s gold empire, with operations in Egypt, Uzbekistan, and a strategic eye on Sudan.
Founded in 2008 by Samih Sawiris after merging Orascom Projects for Touristic Development and Orascom Hotels and Development, the company has maintained a significant presence in the real estate sector.