Sawiris Family Plans to Inject EGP4 bln Investments in Egypt Early 2014

Egypt Investment Billionaire Naguib Sawiris is expecting that the Egyptian market will witness an influx of foreign investments in a number of promising sectors following the endorsement of the country’s currently drafted constitution early next year, according to Al-Ahram Arabic gazette.

Investors are awaiting improvement in the country’s domestic conditions, Sawiris said, adding that the new constitution will mark the start of stability.

Sawiris also revealed that Sawiris family is planning to inject fresh investments worth EGP 4 billion in mega projects in the industry, telecommunication and financial sectors, expecting these investments to be announced following the endorsement of the constitution.

The financial aid packages received from Saudi Arabia, UAE and Kuwait were vital for the Egyptian economy. However, the Egyptian people should exert utmost efforts to help the economy rebound through addressing economic difficulties and removing obstacles hindering investors, Sawiris said.

The business tycoon has called upon prime minister Hazem El-Beblawi to ensure that legislations are issued to protect the ministers and key officials against legal liability as regards decisions they take as long as no violations are committed. He added that such a step is key to ending the indecisiveness of the government when taking decisions and thus luring investors to the local market.