Egypt’s tycoon Sawiris invests half his net worth into gold
Egyptian billionaire businessman Naguib Sawiris has injected half of his $5.7 billion net worth into gold.
Sawiris expects gold prices to rise $1,800 per ounce from about $1,300 now, while the “overvalued” stock markets will fall.
Many investors tend to inject their money into gold during crises and we see a slew of “crises right now”, Orascom Telecom Chairman told Bloomberg in an interview.
“Look at the Middle East and the rest of the world and Mr. Trump doesn’t help,” he said.
President Donald Trump is to help Sawiris indirectly, as US may reach a peace deal with North Korea; hence, the Egyptian billionaire’s investments would be successful, according to Bloomberg.
He further noted that a treaty would make him able to reap some of his returns in Koryolink, North Korea’s first telecom operator, after a 10-year period of waiting to repatriate all his profits easily.
Costs and revenues of the North Korean telecom firm aren’t currently recognised on the financial statements of Sawiris’ Orascom Telecom Media and Technology Holding.
Egypt’s second-richest man highlighted that he is being paid in North Korea’s “currency that doesn’t get exchanged very easily”.
A peace agreement would pave the way for Sawiris to recover his investments in North Korea and possibly make new ones.
“I know these North Korean people. They are very proud, they will not yield under threat and bullying. You just smile and talk and sit down and they will come through,” he said.
Moreover, Sawiris has expressed his view of Saudi Arabia and said it was negatively impacted by the crackdown on corruption where many princes and billionaires were arrested last November.
He also highlighted that he is investing in his homeland Egypt as the North African nation had started an International Monetary Fund-backed reform programme since 2016.
He also plans to debut a “booming” investment in the Arab world’s most populous nation’s real estate market.
Sawiris revealed that his family are currently investing a lot in Egypt as well.