Giga-projects Billionaire calls for review of Egyptian mega-projects By Reuters February 27, 2025, 10:55 AM Naguib Sawiris/X Last year, 1,500 Egyptian companies moved their headquarters to Abu Dhabi, billionaire Naguib Sawiris said Egyptian billionaire Naguib Sawiris said his country’s mega-projects should be reconsidered to save money as they require a lot of foreign currency. “I will be polite and I would say 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,” Sawiris said at a conference in Abu Dhabi on Wednesday. Since Abdel Fattah Al-Sisi became president in 2014, Egypt has embarked on an infrastructure splurge spearheaded by the military, which he says is essential for economic development. Projects include the construction of a new $58 billion capital city. Egypt tops Arab list for international project investment Emaar to up investments in Egypt by another $7bn ADQ to invest $35bn in Egypt’s ‘new city’ project Last year, 1,500 Egyptian companies moved their headquarters to Abu Dhabi, Sawiris said. He added that UAE stock exchanges should unite to encourage companies to list in the region and improve liquidity. The UAE has three stock exchanges: the Abu Dhabi Securities Exchange, Dubai Financial Market and Nasdaq Dubai. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
