{"id":75564,"date":"2018-05-01T13:06:31","date_gmt":"2018-05-01T13:06:31","guid":{"rendered":"http:\/\/www.bnreport.com\/this-billionaire-has-put-half-his-net-worth-into-gold\/"},"modified":"2018-05-01T13:06:31","modified_gmt":"2018-05-01T13:06:31","slug":"this-billionaire-has-put-half-his-net-worth-into-gold","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/this-billionaire-has-put-half-his-net-worth-into-gold\/","title":{"rendered":"This billionaire has put half his net worth into gold"},"content":{"rendered":"

By Tamim Elyan and Manus Cranny<\/strong><\/p>\n

Some big investors see warning signs ahead for markets but are holding their positions. Egyptian billionaire Naguib Sawiris is taking action: Hes put half of his $5.7 billion net worth<\/a> into gold<\/a>. <\/p>\n

He said in an interview Monday that he believes gold prices will rally further, reaching $1,800 per ounce from just above $1,300 now, while \u201covervalued\u201d stock markets crash. <\/p>\n

\u201cIn the end you have China and they will not stop consuming. And people also tend to go to gold during crises and we are full of crises right now,\u201d Sawiris said at his office in Cairo overlooking the Nile. \u201cLook at the Middle East and the rest of the world and Mr. Trump doesnt help.\u201d <\/p>\n

President Donald Trump is aiding Sawiris in one way, though: If a North Korean peace deal can be reached, the Egyptians investments there may finally pay off. After 10 years of waiting to repatriate all his profits easily and control his mobile-phone company, Egypts second-richest man says an accord would let him reap some of his returns. <\/p>\n

\u201cI am taking all the hits, I am being paid in a currency that doesnt get exchanged very easily, I have put a lot of money and built a hotel and did a lot of good stuff there,\u201d said Sawiris, who founded North Koreas first telecom operator, Koryolink. The North Korean units costs and revenues arent currently recognized on the financial statements of Sawiris Orascom Telecom Media & Technology Holding SAE. <\/p>\n

Sawiris over the years has been pressured by \u201cevery single Western government in the world\u201d for his presence in the country hit by international sanctions for its nuclear threats, he said, but he considered himself a \u201cgoodwill investor.\u201d His advice for governments and to Trump ahead of his expected meeting with North Korean Leader Kim Jong Un: Dont bully him, and promise prosperity in exchange for concessions on nuclear. <\/p>\n

A successful meeting between Kim and South Korean President Moon Jae-In last week cleared the way for Trump to meet with the North Korean leader to discuss his nuclear-weapons and ballistic-missile programs. The date and the place havent been set. An agreement \u2014 elusive for almost seven decades \u2014 would open the door for Sawiris to restore his investments there and possibly make new ones. <\/p>\n

\u201cI know these North Korean people. They are very proud, they will not yield<\/a> under threat and bullying. You just smile and talk and sit down and they will come through,\u201d he said. <\/p>\n

Sawiris, the son of Onsi Sawiris, who founded Orascom Construction, has built a name by investing in the telecom sector in Egypt and in less popular markets including Iraq, Pakistan, North Korea and Bangladesh. He also bought Italys Wind Telecomunicazioni before merging it, along with a number of his telecom assets, with Veon Ltd. in 2011. <\/p>\n

Since then Sawiris has diversified into the financial sector by buying out Egyptian investment bank Beltone Financial Holding and attempting to buy CI Capital Holding to create Egypts biggest investment bank. His offer was blocked. He also expanded in mining, becoming, with his family, the largest investor in the sector through shareholdings in Evolution Mining, Endeavour Mining Corporation and La Mancha Resources Inc. <\/p>\n

\u201cI had to convince my mom in the beginning,\u201d Sawiris said in the interview with Bloomberg Television. \u201cIt has been a very good investment for me. I recently sold a portion of my Evolution shares because I want to invest now in Latin America and Eastern Europe.\u201d <\/p>\n

Hes from a family of investors. Nassef Sawiris, Naguibs youngest brother and the richest man in Egypt, is the biggest shareholder and chief executive officer of fertilizer producer OCI NV. Hes also the biggest shareholder in contracting and engineering company Orascom Construction Ltd. He re-based his companies outside Egypt after a tax dispute with the Muslim Brotherhood government in 2013. <\/p>\n

Sawiris said his view of Saudi Arabia<\/a> was negatively impacted by a corruption crackdown that led to the arrest of high-profile princes and billionaires in November. Authorities need to ensure there is rule of law and order and transparency, he said. <\/p>\n

Rather, Sawiris is giving investment priority to his homeland after an International Monetary Fund-backed reform program that began in 2016. By lifting all restrictions on the currency and cutting subsidies, it boosted investors confidence in the economy of the Arab worlds most populous nation. <\/p>\n

And hes planning an investment debut in Egypts \u201cbooming\u201d real estate market this year after hiring a consultant who said demand was strong, shrugging off concerns of a bubble in the market. <\/p>\n

\u201cIn my family we are investing a lot right now because we see the opportunities,\u201d he said. \u201cIt isnt patriotism or advertising<\/a> or anything like that.\u201d <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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By Tamim Elyan and Manus Cranny<\/p>\n

Some big investors see warn..<\/p>\n","protected":false},"author":1,"featured_media":75565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-75564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nThis billionaire has put half his net worth into gold - Business News Report<\/title>\n<meta name=\"description\" content=\"By Tamim Elyan and Manus Cranny Some big investors see warn..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/this-billionaire-has-put-half-his-net-worth-into-gold\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"This billionaire has put half his net worth into gold - 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