Egypt’s Orascom to focus on gold mining, eyes more investments in Africa

On Bitcoin and cryptocurrencies, Sawiris maintained his position against investing in the space, describing it as “high risk” and “unregulated”

  
Photo of the construction site of Orascom Development's O West integrated township project in West Cairo. Image used for illustrative purpose.

Photo of the construction site of Orascom Development's O West integrated township project in West Cairo. Image used for illustrative purpose.

Orascom Development/handout via Zawya Projects
DUBAI: Egypt's family-owned Orascom is doubling down on its gold mining business in Egypt, as well as seeking more investments in Africa.

The prominent company’s investments in Egyptian gold mining reflects the positive development in the country’s regulation of the industry, Orascom chief Naguib Sawiris said in an interview with Al-Sharq.

The new regulations, which makes it easier for the private sector to conduct gold mining activities, have spurred investments in the sector, he said.

Sawiris also talked about the company’s move to invest more in African countries, which he said could yield high returns.

“I am one of the people who are convinced that (Africa) has very promising opportunities because people are afraid to go there and the competition is less, and these peoples need these investments,” the Egyptian billionaire said.

On Bitcoin and cryptocurrencies, Sawiris maintained his position against investing in the space, describing it as “high risk” and “unregulated.”

“I did not change my opinion, the venture rises by 20 percent and goes down by 20 percent in one day, you can lose everything in one day, and it is possible for a hack to occur and the money goes away,” he explained.

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