Sawiris backs gold as safe bet, predicts price hike amid rising demand
Updated 9/29/2024 12:10:00 PM
Arab Finance: Egyptian businessman Naguib Sawiris has affirmed that gold remains a solid investment opportunity alongside real estate, anticipating continued gold price increases due to decreasing supply and rising demand, as per his recent interview with Asharq Business.
However, he cautioned about the potential risk of a real estate bubble in Egypt, attributing this concern to persistently high interest rates, which he believes have detrimental long-term effects on the market.
Sawiris noted that these high rates challenge the real estate sector, which accounts for 35% of Egypt's gross domestic product (GDP).
Developers often find themselves in the position of providing financing to clients, a role he argues they should not have to take on.
Sawiris also addressed the complexities of establishing a digital bank in Egypt, highlighting that the requirement for a bank's participation poses a significant hurdle for his plans.
He also revealed no intentions to take over a stake in The United Bank of Egypt.
In a positive outlook for Orascom Investment Holding (OIH), Sawiris mentioned that easing regulatory procedures for electric vehicle (EV) licenses would facilitate the company's expansion in this sector.
Additionally, he confirmed that they are progressing on projects in Abu Dhabi and Iraq, with plans to lay the foundation stone soon.
Related News
