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Orascom Investment Company chairman Naguib Sawiris said in an interview with Al-Arabiya that countries that have initiated early economic confrontations to the effects of the pandemic and have supported vital sectors that are expected to recover from the decline in effects of the pandemic would be more capable of an economic recovery.
Speaking on the prospects for a global economic recovery from the Corona pandemic, Sawiris predicted that gold prices would continue to rise, in addition to sustaining the need for financial stimulus, in major economies and in various countries, explaining that countries in the Arab region should direct their support plans to the most affected sectors, such as tourism sectors. And hotels to specifically support jobs.
Against the backdrop of the direct economic fallout, Sawiris pointed to the rise of gold with 20% gains due to the pandemic, while other sectors such as tourism have been negatively affected as countries have coped. pandemic and prioritized health, and central banks continued to approve financial stimulus packages, and we saw what happened from the impact of approval. The American package in the markets, and the Corona pressures will remain present and will require continued treatments.
Regarding what happened in economic developments in China, Sawiris said that the Chinese economy is having a slight impact and growth levels have started to return, but we are noticing negative effects in Europe and America, and At the level of the Arab region, he said that Egypt had faced the conditions of the pandemic on the health and economic fronts, and had managed to be less affected compared to similar economies.
He criticized the lack of support for the tourism sector in Egypt, which is among the largest employers of labor, warning of the consequences of the short-term view that hoteliers have gained a lot and must bear part of the crisis, because this sector is linked to employment and employment, and the cost of distribution will be prohibitive for the economy.
At the Arab region level, Sawiris said the UAE has followed two paths to deal with the repercussions of the pandemic, the first is to prioritize health, to protect the health of society and individuals, to provide preventive requirements, to create vaccines, and a second parallel path consists in opening the country and the economy to tourists by a scientific method of prevention and not closure. Random.
Regarding the sectors and their varied impact on the Egyptian economy, Sawiris estimated that the real estate sector in Egypt will be an opportunity to increase supply, and that the entertainment sector will be promising opportunities after opening up more to the market. economy, as people have suffered greatly from the divergence measures, and need services that keep pace with this demand for entertainment after Hard Times.
On the trade deal for Britain’s exit from the European Union, “Brexit”, Sawiris described both sides of the relationship as “the two losers”, referring to the UK and the Union European.
He expressed his point of view regarding the initial vote on the exit decision as “a decision which was also passed and presented to voters with a nationalist tendency, and its consequences in terms of transfer of goods, visas, opportunities employment and the like have not been studied “.
He warned that the deal does not mean the end, “because the lesson is in the application, which is many details such as trade, fishing, etc. It is not easy to control its effects, and we have seen how 10,000 haulage trucks were parked at the UK borders with European countries, and in my opinion the exit decision is incorrect and will harm in the interests of both parties. “
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