Naguib says North Korea investments not political, has no plans to divest: It’s best not to issue empty threats against North Korea, Naguib Sawiris told CNBC TV in an interview on Thursday. “If you threaten and you don’t act you really look stupid, so it’s best not to,” Naguib says. He added that he still has the only mobile operator license in North Korea, without plans to divest, and that his investments there were worth about USD 250 mn, “but that these have nothing to do with politics and that Egyptian businesses with North Korea are old.” He says “I believed I’ve extended a good service to the innocent people of North Korea … They’re allowed to have the simplest services that everybody in the west has. It has nothing to do with politics… As an investor, I obey by all UN resolutions making sure we’re not violating any sanctions, any rules.”

It’s worth noting here that Naguib effectively lost control of his North Korean subsidiary Koryolink in late 2015 with Orascom Telecom Media and Technology Holding writing off the fair value for its former subsidiary and redesignating it as an associate in November 2015. Closer to home, Naguib also spoke about the rift with Qatar, saying it is not a political row, and accused Doha of harboring terrorists. He added that he does not think the US cutting military aid to Egypt is “a smart move,” but he does not believe it was US President Donald Trump’s decision. Aid cuts aside, Naguib says the economy in Egypt is in better shape with a better investment climate, but the high interest rate remains a negative “side effect.” He hope interest rates would come down in the next “year or two.”