Billionaire Sawiris Sets Up Investment Firm In Egypt

inShare3  VENTURES AFRICA – Egyptian billionaire, Naseef Sawiris has set up a private investment company, Nile Holding Investments (NHI), that will focus on the North African country for investment opportunities.
“I am confident that Egypt is positioned to achieve exceptional economic growth in the years to come, attracting direct investments in key sectors which continue to offer substantial investment opportunities,” said Sawiris in a statement.
Already, the firm has put LE400 million ($56 million) in the healthcare sector, said Sawiris, who expressed confidence that despite the challenges Egypt has faced in recent times, the country is positioned for an unprecedented economic growth in the coming years by “attracting direct investments in key sectors which continue to offer substantial investment opportunities.”
The billionaire also revealed NHI’s initiative of contributing 25 percent to a $300 million capital strategic alliance called Duet-CIC, which exists between UK-based alternative asset management, Duet Group, and Egyptian private equity firm, CI-Capital.
Sawiris however said there will be no conflict in the activities of Duet-CIC and that of family conglomerate, Orascom group. Rather he expressed belief that the partnership formed by the two investment firms will build on the growth prospects a rejuvenated investment environment has presented the Arab nation under “stable leadership”.
Rekindled romance?
The wealthy family had last year announced plans to invest massively in Egypt, following the ouster of former president Mohammed Morsi.
“My family and myself are going to be investing in Egypt like never before – any new projects where we can invest, any new factories that we can open, any new initiatives that will provide jobs for the young people of Egypt,” Naguib Sawiris, who runs the family’s Orascom Telecom, Media and Technology.
NHI has investors from the Arab Gulf, Europe and the United States, who will help in identifying growth opportunities in Egypt, a country now its recovery phase, as reserves went down to a critical level last year and budget deficit rose to 14 percent of GDP.
Orascom Group’s operations in Egypt is key in the country’s economy, with the conglomerate employing over 100,000 Egyptians, making it one of the biggest private sector employers in the North African country.