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FINANCIAL NEWS
Egyptian Sawiris to invest multi-million dollars in Egypt
12 Jun 2014
(MENAFN) Egyptian billionaire Nassef Sawiris, whose family owns the Orascom group of companies spanning construction to telecoms, plans to make a major investment in Egypt to help improve the country’s growth, according to Arabian Business.
The new company, Nile Holding Investments, has investors from the Arab Gulf, Europe and the United States.
Since the ousting of Hosni Mubarak in 2011, the country saw a significant fall in its economy. However, the newly Newly elected president Abdel Fattah al-Sisi is expected to restore confidence and attract investment.
The Sawiris family is among the wealthiest in Egypt. Sawiris’s brother, Naguib Sawiris, has made an offer to buy a 20 percent stake in one of the Middle East’s biggest investment banks.
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