12.1 C
London
Saturday, September 23, 2023
More
    HomeNewsAsiaSamih Sawiris halts investments in Egypt, eyes Saudi

    Samih Sawiris halts investments in Egypt, eyes Saudi

    - Advertisement -

    Egyptian billionaire, Samih Sawiris, announced yesterday that he will not be launching new investments in Egypt until the currency and economy stabilise.

    The Egyptian pound plunged 40 per cent against the dollar in 2022 – one of the worst performances of an emerging market currency last year – and started 2023 by falling more than seven per cent. While inflation in the North African state has also been rising steadily.

    According to local media, Sawiris has expressed interest in investing in Saudi Arabia, either personally or through his Orascom Development Holding. He previously highlighted that the real estate market in Egypt is currently experiencing a correction phase, pointing out that some companies will withdraw from the market due to their failure to fulfil promises made to customers. Sawiris added that serious companies operating in the Egyptian real estate market have been significantly affected by rising inflation, but they will continue their work despite the challenges. He continued: “No company has clarified in its accounts the extent of the high inflation in Egypt and the world, which has caused an increase in prices.”

    Sawiris continued that the Saudi market is the future of the region, adding that it had eliminated many bureaucratic issues related to investment.

    READ: Private sector can invest as much as the state in Egypt economy

    Middle East Monitor

    - Advertisement -

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Keep exploring...

    Complete Guide to Eid Prayer: Rituals, Cleanliness, Process, and More

    Eid Prayer is a significant festival in Islam, marking the end of Ramadan, the holy month of fasting. One of the most important aspects...

    Eid Al-Fitr: A Comprehensive Guide to Recommended Acts on the Day of Celebration

    Eid Al-Fitr, often referred to as "Eid," is one of the most significant and joyous festivals in the Islamic calendar. It marks the end...

    Related Stories

    Iran congratulates Saudi Arabia on National Day – Middle East Monitor

    Iran has greeted Saudi Arabia on the kingdom’s National Day amid a rapprochement between...

    Remembering Saudi National Day – Middle East Monitor

    Unless otherwise stated in the article above, this work by Middle East Monitor is...

    The Misunderstood Reason Millions of Americans Stopped Going to Church

    The defining problem driving people out is … just how American life works in...

    Libya flood disaster displaced over 43,000 people — IOM

    By AFP – Sep 22,2023 – Last updated at Sep 23,2023 A young flood survivor receives a...

    Mideast faces prospect of ‘environmental catastrophe’: Iraqi PM

    Prime Minister of Iraq Mohammed Shia Al Sudani addresses the 78th Session of the...

    Muslims and Jews must join forces to fight climate change

    RABBI MARC SCHNEIER September 22, 2023  Follow We have just entered the month-long season of the Jewish...

    Repentant Boko Haram member kills wife over alleged infidelity

    By Ndahi Marama, Maiduguri A repentant Boko Haram member, Musa Dauda has killed his wife...

    Muslim girl turned away from school in France for wearing hijab files complaint with UN – Middle East Monitor

    A Muslim student, who had been turned away from school for wearing a kimono,...

    Explore More Articles

    Welcome to the enlightening realm of our Islamic Articles Page – a digital sanctuary where knowledge, spirituality, and the rich tapestry of Islamic culture converge. In an era where information flows ceaselessly and the world seems to spin faster each day, our platform stands as a steadfast beacon of wisdom and reflection.