Global Courant 2023-05-10 16:46:55
Egyptian billionaire Naguib Sawiris defended his brother Samih Sawiris following outrage after Samih announced he would suspend his investment in Egypt.
Samih, chairman of the board of directors of Orascom Development, referred to the current suspension of investments in Egypt due to economic conditions and the high exchange rate of the US dollar.
“People should not assume bad faith in a family or in a person or individual like me or Samih when we say something,” Naguib explained in a telephone interview on the Al-Hadath Al-Youm channel and in a post on his official page on Twitter. .
“Many investors today are afraid (to invest in Egypt) because we don’t know what the price of the dollar will be tomorrow,” he added.
“What he said is not wrong. What he said is consistent with our experience and based on our conversations with other investors. When we come to prepare a new feasibility study, we have one element that we cannot put into the equation, which is the price of the dollar,” Naguib added.
“We are a family that loves the country, Egypt, more than we love ourselves. (Samih) cannot have had any other intention than good intentions towards Egypt when he said this… he has most of the projects in Egypt,” he stressed.
