After years of political turmoil, Egypt has started to welcome back investments with one of its leading businessmen highlighting his optimism for the country.
Egyptian Naguib Sawiris, the chairman of Orascom Telecom and Media, has a net worth $3 billion, according to the latest Forbes list. After three years of restraint, he told CNBC that the time was right to open up his cheque book once again.
Speaking at the Egypt Economic Development Conference (EEDC) in the holiday resort of Sharm el-Sheikh, he said that he had $500 million in cash ready to be invested in Egypt overt he next few years.
This money will go towards sectors like logistics, energy, harbor development and infrastructure, he said, adding that the new government had created a better climate for investments of this kind and has made important reforms on tax rates.
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