Egyptian business tycoon, Naguib Sawiris has said that he and his family will invest “billions of dollars” in the country’s economy, following the ouster of President Mohammad Morsi from power in June.
Sawiris, who only returned to Egypt last May after several officials of Orascom Construction were cleared of tax evasion charges, accused the overthrown president of restricting several top businessmen by imposing strict tax laws due to their position as members of the country’s opposition.
The Egyptian billionaire however believes the change in regime will see a spring in opportunities for investors in key sectors of the economy, a potential development the family is keen to exploit with investments focused on industrial and tourism sectors.
“The removal of this fascist regime (referring to the Muslim Brotherhood) has led to a nationwide revival, which will lead to increases in rates of tourism, in addition to creating a more enlightened country.” He said.
“This provides us, as investors, with new business opportunities, particularly in the hotel and tourist industries.”
The newly installed temporary government was advised by the billionaire to remove travel bans previously placed on Egypt’s leading businessmen, adding that new incentives should be offered to investors seeking to pump money into the economy and more steps be taken towards addressing obstacles faced by investors within Egypt’s bloated bureaucracy.
The Sawiris family, owners of Orascom Group, are reportedly the largest providers of private sector jobs within Egypt, with Naguib – the rischest of three Sawiris brothers – claiming the multi-sector group employs over 100,000 citizens.
Orascom is an Egyptian based group that operates in several key sectors including construction, real estates, telecom and information technology.
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