CAIRO, June 11 Egyptian billionaire Nassef
Sawiris, whose family owns the Orascom group of companies
spanning construction to telecoms, has set up an investment firm
to tap into Egypt's growth opportunities.
Sawiris's investment firm, Nile Holding Investments, has
investors from the Arab Gulf, Europe and the United States.
Egypt's economy has stagnated since tourists and investors
fled the Arab world's most populous nation after the ousting of
Hosni Mubarak in 2011. Newly elected president Abdel Fattah
al-Sisi is under pressure to restore confidence and attract
The Sawiris family is among the wealthiest in Egypt.
Sawiris's brother, Naguib Sawiris, has made an offer to buy a 20
percent stake in one of the Middle East's biggest investment
banks EFG Hermes.
Nile Holding will give financial backing to a Duet-CIC Egypt
Opportunities Fund, a private equity fund with up to $300
million of committed capital to invest in consumer and
consumer-related industries, the firm said in a statement.
"Nile Holding Investments envisions contributing up to 25
percent in Duet-CIC Egypt Opportunities Fund investments,
provided they do not conflict in any manner with the current and
future activities of any of the Orascom companies," it said.
The firm has also completed a second investment in the
healthcare sector valued at 400 million Egyptian pounds ($55.94
million) and is evaluating several new opportunities along with
strategic and private equity investors, it said.
Egypt's reserves dipped to a critical low last year and its
budget deficit swelled to 14 percent of gross domestic product.
($1 = 7.1501 Egyptian Pounds)
(Reporting by Asma Alsharif; Editing by Elaine Hardcastle)