Egypt should examine megaprojects closely, according to billionaire Sawiris

Egyptian billionaire Naguib Sawiris stated that his nation’s large-scale projects, which demand a lot of foreign exchange, should be reexamined in order to save money.

At a conference in Abu Dhabi on Wednesday, Sawiris stated, “I will be courteous, but I would say that we have an overambitious president who is doing mega projects that are requiring a lot of foreign currency and we should have a second look at these projects.”

Egypt has been investing heavily in infrastructure since Abdel Fattah al-Sisi took office in 2014. The military is leading this effort, which he claims is necessary for economic growth and includes a new capital city for $58 billion.

According to Sawiris, 1,500 Egyptian businesses relocated their headquarters to Abu Dhabi last year. In order to boost liquidity and entice companies to list in the UAE, he continued, stock exchanges in the country have to band together.

The Abu Dhabi Securities Exchange, Dubai Financial Market, and Nasdaq Dubai are the three stock markets in the United Arab Emirates.