According to billionaire investor Naguib Sawiris, Egypt's vast mineral wealth is being squandered due to illicit mining operations, which are weakening investment and preventing the country from fully benefiting from its tremendous natural resources.
Sawiris, who, according to Bloomberg’s Billionaire Index, is Egypt's richest man and Africa’s sixth richest person, recently went to social media to vent his dissatisfaction with what he saw as the continuing wasting of Egypt's mining potential.
He said that unlawful prospecting operations, some purportedly involving foreign nationals, are abusing the country's resources outside of legal frameworks.
What Naguib Sawiris stated
“Unfortunately, many of Egypt's mining wealths are being continuously squandered due to random and illegal prospecting activities by those outside the law, and unfortunately, some of them are non-Egyptians,” he relayed via X.
