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Naguib Sawiris raises attention after tweeting solution for public sector losses

Egyptian businessman Naguib Sawiris turned heads after a tweet he posted regarding the solution he sees for the losses of companies in the public sector.

The thread started with Sawiris retweeting about EgyptAir’s losses. The tweet said that the national flag carrier losses amounted to LE 30 billion until June 2022.

One user asked Sawiris: “From your point of view, what are the reasons for EgyptAir’s losses?”

Sawiris responded: “Public sector = loose money = corruption.” Another user commented, asking: “Nice.. You have identified the problem.. Where is the solution?”

Sawiris replied, “The solution is to stop any government projects that the private sector can undertake and to privatize all public sector companies.”

The billionaire previously denied a post circulated on social media claiming that he is more deserving of position as president of Egypt than President Abdel Fattah al-Sisi.

He replied to a Twitter user who asked if the post, attributed to Sawiris, was true, and clarified it is false.

Sawiris defended his brother Samih Sawiris following outrage after Samih announced he would suspend his investment in Egypt.

Samih, Chairman of the Board of Directors of Orascom Development, referred to the suspension of investments at the present time in Egypt due to the economic conditions and the high exchange rate of the US dollar.

“People should not assume bad faith in a family or in a person or individual like me or Samih when we say anything,” Naguib explained in a telephone interview on Al-Hadath Al-Youm channel and in a post on his official page on Twitter.

“Many investors today are afraid [to invest in Egypt] because we do not know what the price of the dollar will be like tomorrow,” he added.

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