Egyptian billionaire invests half his wealth in gold

Gold will always remain a safe haven: Naguib Sawiris

Orascom T-M-T Investments Chairman Naguib Sawiris on the outlook for gold and copper, the economy, technology and the telecom sector.

Egyptian billionaire Naguib Sawiris is putting half his $5.7 billion net worth on the line for gold, he told FOX Business on Thursday.

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“With all these crises we are discussing now gold will always remain a safe haven,” he told Maria Bartiromo on “Mornings with Maria.”

Sawiris, the son of Onsi Sawirism, who founded Orasco Construction, built a fortune in telecom. He expanded into mining and acquired shares of two of the world’s largest mining companies, Australia’s Evolution Mining and West Africa’s Endeaver Mining.

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He views the mining industry as an indicator of the global economy and is bullish on copper and gold.

“No major new findings in gold and copper in the last three to four years. So it means that there’s scarcity happening,” he said. “So that’s why I believe that the price will shoot up -- especially copper. Copper goes now into all the car industries and many industries.”

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