Egypt Independent

Sahar Nasr, Naguib Sawiris discuss increasing local investments

International Cooperation Minister Sahar Nasr and Naguib Sawiris, 

chairman of Orascom Telecom Media and Technology Holding, discussed increasing the business mogul's local investments in Egypt on Thursday.

During the meeting, Nasr highlighted her role in resolving investors' problems, describing this as a priority on her agenda. She said achieving this target would encourage more investments, which will positively reflect on increasing growth rates as well as providing jobs, which she also described as an important target of the government.

The current phase, according to Nasr, requires unity among all investors to support Egypt's economy and carry out projects to help raise the standard of living.

Meanwhile, Sawiris offered his thanks to the minister for her efforts in enhancing the investment environment and for her ongoing meetings with investors to remove obstacles that hinder the work.

He also expressed his aspiration for his company to play a role in pumping new investments into the Egyptian market over the next three months, within the declared measures to reform Egypt's economy.

Sawiris was Egypt's biggest winner in 2016 as his net fortune increased by US$700 million to reach US$3.7 billion in total, Forbes reported in January.

He ranked seventh among Africa's top billionaires in 2016 and second among Egyptian billionaires. In 2015, he ranked 10th among Africa's richest billionaires and second in Egypt for that year.

Sawiris owns investments in the telecommunications, media, finance and construction fields. He resigned from his position as CEO of Orascom Telecom Media and Technology in December 2016.


Edited translation from Al-Masry Al-Youm