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Sawiris: Now is the best time to invest in Egypt

February 7, 2018 at 3:29 pm

Return on investment in Egypt is higher than in any other country in the world, Egyptian telecommunications giant, Naguib Sawiris, has said.

In a video spread on social networking sites, Sawiris said that now is the best time to invest in Egypt.

Sawiris explained that the investment law contributes to the elimination of bureaucracy, and its complementary laws encourage Egyptians to increase their investments in their home country. He stressed on the importance of attracting foreign investments to the country.

Since the January 2011 revolution, Egypt has not succeeded in achieving any of its targets with regard to attracting foreign direct investments due to the ongoing political instability. The government attracted about $7.9 billion by the end of fiscal year 2016/2017, and it aims to attract $10 billion this year.

Read: The destruction of the Egyptian economy

Progress being made in term of establishing new roads and power stations is sufficient for more than ten years and enough for future generations, Sawiris added.

He also commented on the recent discoveries of natural gas in the Mediterranean Sea, stating that it could suffice local demand and provide for exports.

In 2017, Sawiris’ rank advanced by 109 positions on Forbes’ list of the world’s richest people. He is Egypt’s second richest man, second only to his brother Nassif.