Egyptian business tycoon and head of Orascom Development Holding, Naguib Sawiris has disclosed plans to invest $1 billion in key economic sectors in Q1 of 2014.
Sawiris who was speaking to Reuters during the Egyptian-Gulf Investment Forum, aimed at luring investors from Gulf States, noted that spending will be focused on construction, agribusiness, real estate and microfinance industries.
Following the ousting of former president Mohamed Morsi from power, the business mogul publicly declared that he, along with his family, will be investing billions of dollars in the North African country.
“My family and I are seeking to pump more investment into Egypt now than at any other point in our nation’s history. We will invest in any new projects we can find, whether they be factories or any other form of employing our nation’s youth,” Naguib said in July.
His investment push lies largely on his belief that a change in regime from the Morsi-led administration will offer a more expansive and flexible economic environment for businesses to compete effectively.
The Sawiris family, owners of diversified conglomerate Orascom Group, are said to be the largest providers of private sector jobs in the country. According to Naguib, the multi-sector group employs over 100,000 Egyptians.