Middle East faces challenges, but Egypt holds strong investment potential: Naguib Sawiris
Updated 12/9/2024 3:04:00 PM
Arab Finance: The political and economic situation in the Middle East is facing huge challenges, Egyptian tycoon Naguib Sawiris said during the second session of the 6th Annual Hapi Conference, citing escalating events in Syria and Libya and their impact on investment.
Sawiris noted that the region faces two difficult choices: extremist religious regimes or dictatorial governments.
He explained that such conditions complicate the investment landscape in countries like Syria, which still suffers from economic stagnation and technological underdevelopment.
Speaking of Egypt, Sawiris said that the country has notably progressed over the past 20 years, particularly in infrastructure improvements and the competitive private sector.
Despite the challenges in neighboring countries like Sudan and Iraq, Egypt is still doing much better and even surpasses major economies like Brazil in certain aspects, he clarified.
Sawiris stressed the need to focus on increasing exports and improving the overall investment climate, particularly in sectors where Egypt has a comparative advantage.
He also noted the noticeable growth in the Egyptian Exchange (EGX), calling it a positive sign for investors.
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