Naguib Sawiris, the Executive Chairman of Orascom Investment Holding, confirmed that he invests half of his wealth in gold exploration activities, expecting the price of gold to stabilize at around $1,900 per ounce. In an interview with "Al Arabiya," Sawiris stated that he will continue to focus on real estate, finance, and tourism sectors. He attributed his expectations for gold's stability to two factors: rising inflation, which supports gold, and anticipated interest rate hikes, which tend to depress gold prices, suggesting that balance is likely.
He expressed hope of obtaining a digital bank license in Egypt, noting that his group operates such a venture in Europe. He denied any intention to purchase a bank in Egypt in this regard. He described the decision to tax global technology companies at a rate of 15% as appropriate, which reduces conflict and ambiguity.
Sawiris stated that he will not invest in cryptocurrencies and Bitcoin, citing their volatility, lack of regulation, exposure to hacking risks, and potential for regulations that could impact them. He described cryptocurrencies as unregulated and very risky, lacking a tangible reference, and noted that mining operations consume energy that affects the environment.
