Egypt needs to allure investments worth 200 billion Egyptian pounds (around $28 billion) per year to revive its cash-strapped economy, said construction business tycoon Nassef Sawiris.
Egypt’s economy is struggling to rebuild following more than three years of political turmoil which has scared away tourists and foreign investors.
During a press conference on Saturday, the CEO of Orascom Construction Industries referred to two elements to encourage more investments to Egypt, which are the sovereignty of the law and the attractive investment climate.
Nassef Sawiris further stated that his company, Orascom Construction Industries plans to focus on investing in Egypt’s energy sector in the coming phase.
Orascom Construction recently announced its partnership with the UAE’s International Petroleum Investment Company (IPIC) to jointly and immediately commence studies to develop, construct, and operate a coal-fired power plant in Egypt.
The power plant is expected to have a capacity of up to 2,000 to 3,000 megawatts (MW), utilizing advanced clean-coal technology that complies with EU standards for emission control.
Aiming to meet Egypt’s rising demand for electricity, Orascom Construction and IPIC would aim to develop this project on a fast-track basis in the vicinity of El Hamarawein port on the Red Sea coast, which is currently dedicated to the export of phosphates.
Nassef Sawiris said in his earlier statement that the growth in power generation is crucial to the sustained development of the Egyptian economy.
Egyptian construction tycoon Nassef Sawiris, is youngest among the Sawiris siblings, with a total worth of $6.7 billion.
According to Forbes Middle East’s counts, the total worth of the Egyptian Sawiris family is $13.2 billion.