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Egypt tycoon Sawiris: Army negatively impacting business

May 21, 2020 at 12:57 pm

Egyptian businessman Naguib Sawiris takes to the red carpet at the closing ceremony of the 2nd El Gouna Film Festival in Hurghada, Egypt on 28 September 2018 [Jonathan Rashad/Getty Images]

Egyptian business tycoon and the country’s second richest man, Naguib Sawiris, said that the army’s economic activities have impacted entrepreneurs negatively.

Sawiris, whose net worth is estimated by Forbes at $3 billion, told Russia Today that the military “has advantages that other companies do not have, because it does not pay salaries to conscripts or taxes, and it does not need permits, so its opportunity to work is easier, and the competition is uneven.”

The Egyptian army owns numerous companies and runs projects in various sectors of the economy.

In his interview with the Russian government-funded TV network, Sawiris added that he believes that the army should “focus on security and military matters, and terrorism, and [should] focus on military industries so we can produce our weapons on our own and not depend on other countries.”

READ: Mohamed Ali: ‘No shop can compete with the army because they don’t pay tax’