Sawiris aims to become Egypt’s number one gold investor, eyes bank license

Sawiris aims to become Egypt’s number one gold investor, eyes bank license
Egyptian billionaire Naguib Sawiris is targeting gold and real estate investments in Egypt. (Reuters)
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Updated 05 April 2021

Sawiris aims to become Egypt’s number one gold investor, eyes bank license

Sawiris aims to become Egypt’s number one gold investor, eyes bank license
  • May list Ora developer unit shares
  • Targets mining sector expansion

RIYADH: Egyptian billionaire Naguib Sawiris wants to become the country’s number one gold investor and has not given up on winning a license to operate a bank.
The Orascom Investment Holding boss made the disclosure during a conference on Monday, Al Arabiya reported.
He currently ranks among the top 10 investors in the mining and gold sector in the African market and wants to become the number one player.
The Egyptian Ministry of Petroleum and Mineral Resources recently announced the signing of contracts with AKH Gold, a company affiliated to Sawiris, with a total investment of about $4.1 million, to search for gold in the country’s Eastern Desert.
Sawiris also discussed plans to develop a residential real estate project in Sohag, on the west bank of the Nile.
He said that his company, Ora Developers, may list its shares on the Egyptian bourse and that a final decision would be taken once it started to deliver its projects.