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.
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.