Egyptian billionaire Naguib Sawiris made headlines after posting a tweet about the solution he sees to the losses of public-sector enterprises.
Naguib Sawiris initiated the conversation by retweeting about EgyptAir’s losses. According to the tweet, the national flag carrier’s losses would total LE 30 billion through June 2022.
“From your point of view, what are the reasons for EgyptAir’s losses?” one user inquired of Naguib Sawiris.
Sawiris reacted, saying, “Public sector = loose money = corruption.” Another user said, “Nice..” You have detected the issue. “Where is the answer?”
“The solution is to stop any government projects that the private sector can undertake and to privatize all public sector companies,” Sawiris responded.
The billionaire earlier disputed a social media post saying that he is more deserving of Egypt’s presidency than President Abdel Fattah Al-Sisi.
He responded to a Twitter user who inquired if the Sawiris-attributed message was genuine or fake and reiterated that it is untrue.
Sawiris supported his brother Samih Sawiris. In the aftermath of the uproar over Samih’s decision to cease his investment in Egypt.
The current suspension of investments in Egypt. According to Samih, Chairman of the Board of Directors of Orascom Development. This is due to economic conditions and the high exchange rate of the US dollar.
“People should not assume bad faith in a family or in a person or individual like me or Samih when we say anything,”. Naguib said. This happened via a phone interview with Al-Hadath Al-Youm and a post on his official Twitter profile.
“Many investors are afraid to invest in Egypt today because we don’t know what the dollar will be worth tomorrow,” he continued.
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