Naguib Sawiris to Al Arabiya: Bureaucracy obstacle to investment in Egypt

Egyptian Businessman, Naguib Sawiris (File photo)

Both bureaucracy and political instability have been major factors that have affected investments in Cairo, an Egyptian business tycoon has told Al Arabiya.

“There have been a lot of hesitant people among the ranks of decision makers in our country. They are fearful when taking big decisions that are needed,” Naguib Sawiris told Al Arabiya on the sidelines at a conference in Dubai on Sunday to discuss the upcoming project Ayia Napa Marina.

Sawiris also alluded to the present currency devaluation and increase of global fuel prices that have been other factors in the economic slowdown in Egypt.

“The Egyptian economy has not reached the level we expected to after the decision of the Central Bank of Egypt to float the Egyptian pound,” he said.

“The high inflation witnessed is not worrying should the same level of big investments coincide, which is meant to remove all barriers to investors,” Sawiris added.

Denying political ambition

Sawiris, known for his anti-governmental views, announced his rejection to hold any political position in the country after rumors started circulating that his brother Samih is set to be announced as minister of tourism.

However, Sawiris is denied the claims surrounding his brother and reports suggesting he will be named minister of investments.

He has denied all claims saying it would “fall under the suspicion of conflicting trade and investment interests” on his part.

Sawiris is currently project partner of the Ayia Napa Marina project and was visiting Dubai to discuss the finals steps of the project.

“We are not only launching a new era in modern beachfront living. It also provides opportunities for investors from the Gulf to obtain a European passport for their families when investing not less than 1$ million (approximately 7.86 million Dirhams).”

Last Update: 15:25 KSA 18:25 - GMT 15:25