Politics

Biden brings back ethics and principles to the U.S., says Egyptian billionaire Naguib Sawiris

Key Points
  • U.S. President-elect Joe Biden will bring back the ethics that were missing during the Trump administration, said Egyptian billionaire Naguib Sawiris.
  • He also said Biden could bring balance to the Israeli-Palestinian conflict because Trump was working "100% in favor of Israel."
  • Sawiris added that the market is "happy and positive" about Biden in part because Democrats "throw a lot of money into stimulus."
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Naguib Sawiris says Joe Biden will bring more 'ethics' to Middle East

U.S. President-elect Joe Biden will bring back the ethics and principles that were missing during the Trump administration, Egyptian billionaire Naguib Sawiris said this week.

"I think (a Biden presidency) brings some ethics, some principles back to democratic values, freedom values," the chairman and CEO of Orascom Investment Holding said. "We've missed some of the ethics and principles in these areas during (U.S. President) Donald Trump's reign."

Sawiris also told CNBC's "Capital Connection" that Biden could bring balance to the Israeli-Palestinian conflict.

"Donald Trump was working 100% in favor of Israel and not trying to find any true solution to the Palestinian problem," he said.

"In this area, we believe that the Trump administration has been totally biased and has not been really working for a fair solution of this dilemma that's been there for 50 years," he added.

Naguib Sawiris, chairman and chief executive officer of Orascom Telecom Media and Technology Holding.
Diego Levy | Bloomberg | Getty Images

Trump in January launched a Middle East peace plan that called for two states, with Palestine's capital in east Jerusalem. At the time, Israel Prime Minister Benjamin Netanyahu said the deal was a "realistic path to a durable peace," but Palestinian President Mahmoud Abbas said the plan was "nonsense."

Sawiris said Biden's presidency is a chance for Palestinians to find new leaders as well.

 "I think it presents … an opportunity to the Palestinians to wake up and present a serious leadership that can obtain peace," he said. "Up till now, you cannot say that Palestinian leadership was all there."

Market reaction

Separately, Sawiris weighed in on the post-election market rally.

"The market appreciates the fact that the Democrats … they throw a lot of money into stimulus," he said, adding that it may not be a long-term policy, but it is good for the market and for gold in the short term.

Asian and European markets climbed on Monday after news networks projected Biden's win on Saturday, while U.S. stocks look set to continue rising when the market opens Monday.

"The market is actually positive and happy about this Biden change," Sawiris said.

He added that Biden's focus on the fight against Covid-19 is also good because the disease has been "destroying" economies around the world. The former U.S. vice president is expected to announce a coronavirus task force today.

Virus cases in the U.S. and Europe have jumped in recent weeks as winter approaches, and several countries including Germany and England have imposed new lockdown measures.

Sawiris said such restrictions highlighted the importance of the digital world, and that he had increased his investments in technology. Additionally, he said he's "still very bullish on gold" and expects the price to continue rising.

He also repeated his call to buy distressed assets related to travel and tourism. "The disaster in restaurants and hotels and traveling, airlines, all this will constitute an opportunity once we get over this disease," he said.