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.