Riyadh – Mubasher: Egyptian mogul Naguib Sawiris on Sunday said that he does not mind investing in Saudi Arabia provided that the kingdom completes its investment-related regulatory laws, Al Arabiya reported, citing Sawiris as saying.
Foreign investments in Saudi Arabia are considered “new” and require additional regulations and laws that ensure equality among foreign and local investors, Sawiris told Al Arabiya in an interview, stressing that litigation procedures should be at the forefront of these regulations.
Sawiris further called on the Saudi government to explain and raise awareness about its newly-enacted laws as well as the changing investment climate in the country.
Sawiris’ statements to Al Arabiya come as a stark contrast to what he said in an interview with CNBC Arabia last week, when he said he “would not” invest in the kingdom, noting that there was no “rule of law and order” there.
The Egyptian billionaire currently owns investments in North Korea as well as other emerging and major markets. Last week, Sawiris said he would consider investing in Venezuela once its current President Nicolas Maduro leaves office.
Naguib Sawiris is the chairman and billionaire behind Orascom Investment Holding (OIH), which is listed on the Egyptian Exchange (EGX).
