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Egyptian Businessman Samih Sawiris Expresses Hesitancy to Invest in Egypt

May 3, 2023

Egyptian businessman Samih Sawiris, founder of Orascom Development, captured the attention on social media following his statements about the future of Egypt’s investment landscape and his plans to invest in Saudi Arabia. In an interview with Al Arabiya on Tuesday, May 2, the business tycoon began by saying that the economic crisis is making it more difficult for businesses to operate, largely due to import restrictions put in place by the government to conserve foreign currency. When asked whether he will stop investing in new projects due to the currency crisis, Sawiris said “of course, how do I know if this project will succeed or fail? Today, I have to know all of the details in order to work.” “Which [dollar] price should I rely on? The international price, which is worth EGP 42, or the black market price in Egypt, which is worth EGP 36, or the official price at EGP 31?” asked Sawiris. He added that “this in itself is fatal to any expectation in terms of profitability or in terms of feasibility for any project.” Later in the interview, Sawiris shared his plans to invest in Saudi…

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