Sawiris warns concerns only if USD hits EGP60-70
Updated 12/10/2024 6:45:00 AM
Arab Finance: Egyptian businessman Naguib Sawiris said that the recent rise in the US dollar to EGP 50.5 from EGP 49.5 is not a cause for concern, warning that worry would only arise if the rate climbs to levels of EGP 60 or EGP 70.
In his interview with Al Arabiya Business, Sawiris highlighted several key areas he believes are critical for Egypt’s economic stability, including the need to accelerate privatization efforts and replicate the success of projects like Ras El-Hekma.
He suggested that Gulf country deposits in the Central Bank of Egypt (CBE) should be converted into domestic assets to strengthen the economy.
Additionally, Sawiris emphasized the importance of improving Egypt's tourism climate to increase foreign currency inflows, noting that the country needs new hotels and the privatization of airports to facilitate smoother operations for tourists at airports.
Sawiris also assessed the current fair value of the pound, saying it is trading within the range of 50 to 60 pounds per dollar, which he believes reflects its natural value.
In discussing Egypt's role in the region, Sawiris noted that the ongoing geopolitical tensions are ultimately beneficial for Egypt, as they reinforce the country’s stability and position as a secure place for investment.
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