Billionaire Sawiris wants ‘level playing field’ for Egypt business

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ElGouna, Egypt

Naguib Sawiris — one of Africa’s richest men, with an estimated fortune of over $3 billion — has warned that the Egyptian government’s involvement in the private sector makes for an unfair playing field.

“Companies that are government-owned or with the military don’t pay taxes or customs,” Sawiris told AFP from a luxury hotel in the Red Sea resort town of El-Gouna, which his family founded.

“We of course can’t do that, so the competition from the beginning is unfair.”
“The state has to be a regulator, not an owner” of economic activity, said the outspoken 67-year-old, Egypt’s second-richest man after his own brother, Nassef.—APP

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