Egypt’s Richest Man Weighs In

With Egyptian banks and jobs sites expected to open again on Sunday, Nassef Sawiris, CEO of Orascom Construction, told CNBC Friday, that the result of the protests is a “victory” for Egyptians and, especially, for the country’s youth.

“In my view, the people of Tahrir Square have won,” said Sawiris, referring to the tens of thousands of protesters who have been meeting since Jan. 25 in one of Cairo’s main public places to call for the ouster of President Mubarak, who has been in power for three decades.

“The last 11 days represented a loss to the entire economy,” said Sawiris, Egypt’s richest citizen, whose net worth is $5.9 billion, according to the latest Forbes list. “Most of our job sites were closed. [But] We’re optimistic that come Sunday, we’ll start opening up open again.”

Orascom employs some 44,000 Egyptians throughout the world, including 24,000 within Egypt. It is the biggest company in Egypt and the largest contractor in the Middle East. The Egyptian government employs six million people, said Sawiris. The Orascom Group is the country’s largest private sector employer and has the largest market capitalization on the Cairo & Alexandria Stock Exchange, split into separate operating companies: Orascom Telecom (OT) http://www.orascomtelecom.com ,Orascom Construction Industries (OCI) http://www.orascomci.com ,Orascom Hotels & Development http://www.orascomhd.com and Orascom Technology Systems (OTS) http://www.ots.com.eg. Orascom Telecom Holding S.A.E.(OTH) was established, in late 1997.

Egypt’s Richest Man Weighs In

Insight on the protesting in Egypt and what a change in government could mean to the country’s economy, with Nassef Sawiris, Orasco Contruction CEO.

Advertisements

About huecri

Publishing on the Web is a fairly iterative process. ...NYT ...Not too long ago, reporters were the guardians of scarce facts delivered at an appointed time to a passive audience. Today we are the managers of an overabundance of information and content, discovered, verified and delivered in partnership with active communities. summer 2012 issue of Nieman Reports from Harvard, --- THE FIX by Chris Cillizza, WAPO blogger, quoting Matt Drudge: “We have entered an era vibrating with the din of small voices,” he said in the speech. “Every citizen can be a reporter.” Later, he added: “The Net gives as much voice to a 13 year old computer geek like me as to a CEO or Speaker of the House. "
This entry was posted in Uncategorized and tagged , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s