Egyptian Billionaire Naguib Sawiris Puts Half His Fortune Into Gold

Sawiris predicts that the value of gold will see big gains in the near future, reaching $1,800 an ounce from its present value of around $1,300 for the same amount. Outside of the price of gold, it’s not all doom and gloom from Sawiris’ future, since he also sees good things ahead if peace talks between North and South Korea are successful in paying off the big investments he’s made in North Korea over the last ten years: Sawiris founded Koryolink, North Korea’s first telecom company, but the country’s poor world standing makes its currency incompatible with much of the rest of the world, leading to the difficulties he describes above. Thanks to recent changes in Egyptian law, he’s also planning to enter his home country’s real estate market for the first time, but he makes it clear that it’s not loyalty to Egypt that’s encouraging that move: Right now, that includes a huge amount of money being put into gold.