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DUBAI: Egyptian family business Orascom is doubling its gold mining activities in Egypt and seeking more investment in Africa.
The leading company’s investments in Egyptian gold mining reflect the country’s positive developments in industry regulations, Orascom chief Naguib Sawiris said in an interview with Al-Sharq.
The new regulations, which make it easier for the private sector to conduct gold mining activities, have boosted investment in the sector, he said.
Sawiris also spoke about the company’s decision to invest more in African countries, which he said could generate high returns.
“I am one of those who are convinced that (Africa) has very promising opportunities because people are afraid to go there and the competition is less, and these people need these investments,” said the billionaire. Egyptian.
On Bitcoin and cryptocurrencies, Sawiris has maintained his stance against investing in the space, describing it as “high risk” and “unregulated”.
“I haven’t changed my mind, the business grows 20% and goes down 20% in one day, you can lose everything in a day, and there is a possibility that a hack will happen and the money flies away, ”he explained. .