Egyptian billionaire Naguib Sawiris plans to establish four hotels in Egypt, with investments ranging between US$200 and $300 million through Orascom Investment Holding, he said.
“We plan to establish two hotels in the North Coast, another in Cairo, and a hotel in the Pyramids area,” Sawiris added during the fourth annual Hapi conference, on Wednesday.
He explained that Orascom Investment Holding plans to work in Africa, especially to invest in new and renewable energy, as it has some of the most attractive countries for energy investment due to its high prices and the continent’s growing needs for electricity and energy.
The company is studying establishing electric car charging stations in Africa, he explained.
Investment in gold outside Egypt declined seven percent against the dollar, while all currencies decreased further, as well as stocks, which fell by more than 50 percent, Sawiris continued.
He added, “Gold was the least declining and the best,” explaining that gold is negatively affected by the price of the dollar if it rises, and if the price of the US currency is stable, gold will rise.
He added that the price of gold rose before the Ukrainian war as well, and it is expected to rise in the long term.
He said that Egypt has a good mining system that may represent a good source of income, like that from oil and gas.
Despite all the problems in the investment and work environment, bureaucracy and the difficulty of obtaining approvals and licenses in Egypt, as well as the slowdown in economic decisions, the Egyptian market has one of the highest profitability rate among neighboring regions, and it may even be doubled.
He added that attention should be paid to creating the work environment and solving the problems of the local investors before seeking foreign investors, because the latter asks and inquires from Al-Masry about his experience first.
He wondered why the government tends to offer up its assets to foreigners, saying: “The offering of assets should not be limited to foreigners, but also to include Egyptians.”
Sawiris stressed that in light of the current economic challenges, the government must focus all its efforts on providing mechanisms that ensure the speedy entry of the investor into the market.