In yet another display of patriotic investment, Naguib Sawiris promises to pump huge amounts of cash into Egypt's economy in the first quarter of 2014, despite Orascom losing money in 2013.
Egyptian business tycoon Naguib Sawiris told Reutersm at the Egyptian-Gulf Investment Forum, that he plans on investing a billion dollars in Egypt in the first quarter of 2014. The investment will aimed towards construction, real estate, agriculture and microfinance.
The Sawiris’s family heads the Orascom Development Holding, who have reported a 13.2% decrease in revenues to CHF (Swiss Francs) 164.7m during the first nine months of 2013, compared to CHF 189.6m over the same period in 2012, with total losses reaching CHF 75.5m.
Following the ouster of former president Mohamed Morsi, the business tycoon told Al-Arabiya news network “My family and I are seeking to pump more investment into Egypt now than at any other point in our nation’s history. We will invest in any new projects we can find, whether they be factories or any other form of employing our nation’s youth.”
This plan to inject capital investment comes as good news as Egypt is looking to move past its political strife and work towards a stabilising economy and returning to some sense of normalcy.