Monday, 25 May 2026
Egyptian billionaire Naguib Sawiris
Egyptian billionaire Naguib Sawiris optimistic about economy, proposes debt solution
Egyptian business magnate Naguib Sawiris expressed optimism about Egypt’s economic progress on Friday, while proposing a solution to tackle the country’s external debt, which he described as the “only obstacle” to further growth.
In a post on his official X account, Sawiris predicted continued economic improvement in the second half of the year, citing a promising 4% growth rate and declining inflation. He urged the Central Bank of Egypt to cut interest rates by 1-4% to boost investment and stabilize prices and the exchange rate, expressing hope for a stronger Egyptian pound.
Addressing Egypt’s external debt, Sawiris suggested a straightforward solution: the government should sell remaining state-owned lands on the North Coast and Red Sea to Egyptians and foreigners in U.S. dollars and privatize long-delayed public companies.
He reiterated his criticism of the public sector, commenting on a report about plans to restart a steel plant in Helwan, which was liquidated five years ago. In a separate X post, he called the public sector a “failed manager” and “loose money,” sparking online debate.
In response to a follower’s question about the success of China’s public sector, Sawiris clarified that China’s economic success stemmed from opening its economy to the private sector and transitioning from socialism to capitalism, fostering some of the world’s largest private companies.
Another follower praised Sawiris’ optimism, to which he replied, expressing hope for “more freedom, democracy, and encouragement of the private sector, with the state stepping back from competing with it.”
The comments reflect Sawiris’ ongoing advocacy for private-sector-led growth and his critique of state intervention, resonating with many Egyptians hopeful for economic reforms.