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Wednesday, 2 May 2018

Naguib is really hoping Trump’s potential meeting with Kim Jong Un goes smoothly

Naguib is really hoping Trump’s potential meeting with Kim Jong Un goes smoothly: Sawiris is really rooting for a successful peace conference between US President Donald Trump and DPRK ruler Kim Jong Un, as it may the miracle that allows him to repatriate profits from Koryolink held up there for ten years, he tells Bloomberg TV in an interview on Monday. “I am taking all the hits, I am being paid in a currency that doesn’t get exchanged very easily, I have put a lot of money and built a hotel and did a lot of good stuff there,” said Sawiris. The company, which was seized by the state which launched a rival telecom operator, aren’t currently recognized on the financial statements of OTMT. Sawiris says he has been pressured by “every single Western government in the world” for his presence in the country.

As for Egypt, Sawiris really likes real estate, saying that he’s planning an investment debut in the “booming” real estate market this year after hiring a consultant who said demand was strong. He shrugged off concerns of a bubble in the market. Sawiris had said in a conference on Sunday that he plans to exit whatever investments he still had left in the telecoms sector to concentrate on real estate, agriculture and financial services.

He still doesn’t like Saudi: For the second time since last November, Naguib came out strongly against Saudi Arabia, primarily over the anti-corruption purge which took place there. Authorities need to ensure there is rule of law and order and transparency, he said.

“Goldfinger” Sawiris? OTMT Chairman Naguib Sawiris really likes to park his money in gold, investing nearly half of his USD 5.7 bn net worth into gold. Gold will reach USD 1,800 per ounce from just above USD 1,300 now, believing gold prices will rally further, while “overvalued” stock markets crash. You can catch the full interview here (watch, runtime: 17:07) or read the highlights here.

In other Sawiris news, the OTMT boss is looking restart talks with the government over investing in its EGP 451 mn venture capital firm Egypt Ventures, he said on the sidelines of a conference on Sunday. Sawiris had initially expressed his interest in the firm last year, and said at the time that he would study the idea and meet with company executives to discuss the possible investment. He said on Sunday that he is behind the delayed talks.

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