News / Economy

Egypt Billionaire Sawiris Family to Invest 'Like Never Before'

Orascom Telecom chairman Naguib Sawiris speaks during a conference in Beirut. (File)
Orascom Telecom chairman Naguib Sawiris speaks during a conference in Beirut. (File)
Reuters
Egyptian tycoon Naguib Sawiris, whose family controls the sprawling Orascom corporate empire, said he and his brothers will be “investing in Egypt like never before” after the ousting of a president he accused of bullying opponents to his rule.
 
Sawiris, a prominent Christian who was an outspoken critic of President Mohamed Morsi, told Reuters the Islamist leader's government had sought to co-opt executives or, as in his case because he was in opposition, hit his family businesses with exceptional taxes.
 
The eldest of three billionaire brothers, Sawiris spent much of the past year in self-imposed exile, returning to Egypt in May after officials cleared Orascom Construction Industries (OCI), run by brother Nassef Sawiris, of tax evasion.
 
The Orascom group of companies is one of the biggest private sector employers in Egypt - providing more than 100,000 Egyptians with jobs according to Sawiris, who now runs a new investment firm Orascom Telecom, Media and Technology,
 
“My family and myself are going to be investing in Egypt like never before - any new projects where we can invest, any new factories that we can open, any new initiatives that will provide jobs for the young people of Egypt,” he said, although he did not give any specifics.
 
“I am very very sure that Egypt will come back very strongly now,” he said in a telephone interview on Sunday from a yacht off the Greek island of Mykonos, where he was on vacation.
 
The remarks by one of Egypt's top businessmen could help rebuild confidence in a nation buffeted by political turmoil for two and a half years. Bankruptcy was averted when Gulf states poured in aid after the army ousted Morsi on July 3, responding to protests by millions of Egyptians.
 
Investors have been spooked and tourists have stayed away since an uprising brought down President Hosni Mubarak in February 2011, who like Morsi was given a push by the generals, hammering two of Egypt's main sources of foreign currency.
 
Back to work
 
“There are two opinions, one that the people who went down on June 30 should go back to the squares, my point is we should go back to our work and build our country,” he said, referring to the date that marked the start of mass rallies against Morsi.
 
After Morsi's ouster and with the economy on the ropes, Sawiris said he had lobbied government officials in Kuwait and the United Arab Emirates, which had held back aid to Egypt under Morsi, to offer swift support and help for the next few months.
 
“It was not like I needed to convince them too much, they were already convinced,” said Sawiris, who made a fortune with Orascom Telecom, selling most of those assets to Vimpelcom in 2010 in a $6 billion deal.
 
Shortly after the army stepped in, the UAE and Kuwait offered $3 billion and $4 billion respectively, to the government, partly to help boost its reserves. Saudi Arabia offered $5 billion.
 
“If Egypt falls, or goes into turmoil, the whole Middle East goes down the drain. So they are defending also their countries also by helping Egypt,” he said.
 
Sawiris, who helped found and finance the liberal Free Egyptians party that is part of a coalition that opposed Morsi, said Morsi's government had offered him the post of Cairo governor early in the president's term, but turned it down, seeing it as a bid “to buy me out”.
 
Unlike his brothers, who have steered clear of public politics, Sawiris was a vocal critic and has stakes in a television channel and a prominent independent newspaper that have broadcast or published broadsides against Morsi's rule.
 
“My family actually paid the price of my challenge,” he said, citing what he called an “unlawful” tax imposed on OCI as it was moving its listing from Egypt to the Netherlands.
 
“They were bullying us. They were bullying me, they were bullying my family they were bullying ... any businessman who dared to stand in their way,” he said.
 
Alongside OCI which has cement and fertilizer plants and an international construction business, a third brother, Samih Sawiris, runs Orascom Development Holding, operating tourists resorts and real estate projects in Egypt and Europe.
 
Sawiris said international businesses should invest now, while many are still nervous about prospects.
 
“I know it is going to be stable, so you always make the most of your money when you move first,” he said.

You May Like

Video Video Claims to Show Shi'ite Forces in Iraq Executing Sunni Boy

While not yet independently confirmed, brutal killing already has gotten attention of Islamic State followers on social media More

After Six Years, Little Change for Niger Delta's Former Militants

Nigerians who laid down arms in exchange for government amnesty subsidies fear program may end with upcoming presidential elections More

Vietnam Pushes for More Educated Drivers to Curb Road Deaths

Transportation officials hope that making a greater effort to get drivers to learn the rules of the road will reduce fatal crashes More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
NASA Spacecraft Approaches a Dwarf Planeti
X
George Putic
March 04, 2015 8:51 PM
NASA’s Dawn spacecraft will make history on Friday, March 6, when it becomes the first man-made object to orbit a dwarf planet named Ceres. It is located in the asteroid belt between Mars and Jupiter, almost 500 million kilometers from Earth. Among other objectives, Dawn will try to examine two mysterious bright white spots detected on the planet’s surface. VOA’s George Putic has more.
Video

Video NASA Spacecraft Approaches a Dwarf Planet

NASA’s Dawn spacecraft will make history on Friday, March 6, when it becomes the first man-made object to orbit a dwarf planet named Ceres. It is located in the asteroid belt between Mars and Jupiter, almost 500 million kilometers from Earth. Among other objectives, Dawn will try to examine two mysterious bright white spots detected on the planet’s surface. VOA’s George Putic has more.
Video

Video Young Muslims Radicalized Online

Young Muslims are being radicalized ‘in their bedrooms’ through direct contact with Islamic State or ISIL fighters via the Internet, according to terror experts. There are growing concerns that authorities and Internet providers are not doing enough to counter online extremism - which analysts say is spread by a prolific network of online supporters around the world. Henry Ridgwell reports from London.
Video

Video African Americans Recall 1960's Fight For Voting Rights

U.S. President Barack Obama and thousands of people will gather in the small southern U.S. city of Selma, Alabama, Saturday, March 7th to commemorate the 50th anniversary of a historic voting rights march that became known as “Bloody Sunday." VOA’s Chris Simkins traveled to Alabama and introduces us to some of the foot soldiers of the voting rights struggles of the 1960’s.
Video

Video Positive Messaging Transforms Ethiopia's Image

Ethiopia was once known for famine and droughts. Now, headlines more often point to its fast-growing economy and its emergence as a regional peacemaker. How has Addis Ababa changed the narrative? VOA's Marthe van der Wolf reports.
Video

Video Cyber War Rages Between Iran, US

A newly published report indicates Iran and the United States have increased their cyber attacks on each other, even as their top diplomats are working toward an agreement to guarantee Iran does not develop a nuclear weapon and to free Iran from international sanctions. The development is part of a growing global trend. VOA’s Al Pessin reports from London.
Video

Video Answers Elude Families of MH370 Passengers

For the families on board Malaysia Airlines flight MH370, an airline official’s statement nearly one year ago that the plane had lost contact with air traffic control at 2:40 AM is the only thing that remains confirmed. William Ide reports.
Video

Video Land Disputes Arise Amid Uganda Oil Boom

Ugandan police say there has been a sharp increase in land disputes, with 10 new cases being reported each day. The claims come amid an oil boom as investors appear to be cashing in by selling parcels of land to multiple buyers. Meanwhile, the people who have been living on the land for decades are chased away, sometimes with a heavy hand. VOA's Serginho Roosblad reports.
Video

Video In Russia, Many Doubt Opposition Leader's Killer Will Be Found

The funeral has been held in Moscow for Boris Nemtsov, the opposition leader who was assassinated late Friday just meters from the Kremlin. Nemtsov joins a growing list of outspoken critics of Russia under the leadership of President Vladimir Putin who are believed to have been murdered for their work. VOA’s Daniel Schearf reports from Moscow.
Video

Video Simulated Astronauts Get Taste of Mars, in Hawaii

For generations, people have dreamed of traveling to Mars to explore Earth's closest planetary neighbor. VOA's Mike O'Sullivan reports that while space agencies like NASA are planning manned missions to the planet, some volunteers in Hawaii are learning how humans will cope with months in isolation on a Mars base.
Video

Video Destruction of Iraq Artifacts Shocks Archaeologists

The city of Mosul was once one of the most culturally rich and religiously diverse cities in Iraq. That tradition is under attack by members of the Islamic State who have made Mosul their capital city. The Mosul Museum is the latest target of the group’s campaign of terror and destruction, and is of grave concern to archaeologists around the world. VOA’s Kane Farabaugh reports.
Video

Video Smartphones May Help in Diagnosing HIV

Diagnosing infections such as HIV requires expensive clinical tests, making the procedure too costly for many poor patients or those living in remote areas. But a new technology called lab-on-a-chip may make the tests more accessible to many. VOA’s George Putic reports.
Video

Video Afghan Refugees Complain of Harassment in Pakistan

Afghan officials have expressed concern over reports of a crackdown on Afghan refugees in Pakistan following the Peshawar school attack in December. Reports of mass arrests and police harassment coupled with fear of an uncertain future are making life difficult for a population that fled its homeland to escape war. VOA’s Ayesha Tanzeem reports from Islamabad.

All About America

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More

World Currencies

EUR
USD
0.8954
JPY
USD
119.75
GBP
USD
0.6515
CAD
USD
1.2518
INR
USD
61.921

Rates may not be current.