Sawiris: The real estate market is facing a funding crisis. I recommend investing in gold

Egyptian businessman Naguib Sawiris on Monday urged the governor of the central bank, Tarek Amer, to expand the number of its banks to finance micro, small and medium-sized enterprises.

In regards to real estate investment, Sawiris said at a conference "Habi for Influential Growth" that Egypt's real estate demand accounted for 10 times the supply, pointing out that he had used a European company to study the Egyptian real estate market, which showed that the market crisis was not related to real estate finance demand.

He pointed out that most young people can not buy real estate at the prices offered.

Sawiris called on the state to raise hands on investments that can be made by the private sector and focus on the construction of roads and bridges, as well as on the development of education and hospitals.

Sawiris said: "I recommend investing in the mining sector in Africa, where the law facilitates the task of investors in this area, all the more so as the cost of investment is very high and that it involves a high risk ".