Egyptian billionaire exploring opportunity of $7 billion investment in Pakistan
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Egyptian billionaire Naguib Sawiris is exploring opportunities to expand his business in Pakistan, with a particular interest in investing in Barrick Gold Corp.'s ambitious $7 billion Reko Diq copper-gold project, as reported by Bloomberg. In a recent interview, Sawiris expressed his advantage over other investors due to his familiarity with the country and a network of friends established over his 25-year presence in Pakistan.
Sawiris, known for his success in the telecommunications and gold industries, did not disclose the specific amount of his intended investment but mentioned limited alternatives for investment, citing a scarcity of geological data.
He emphasized his determination to overcome obstacles, stating, "If there is concrete in my way, I'll drill through it and I'll go. I have never let anybody in my life hold me back from what I wanted to achieve."
Despite challenges in Pakistan, including complex bureaucratic procedures, financial constraints, and a depreciating national currency, Sawiris remained optimistic about the venture. Notably, Barrick Gold, headquartered in Canada, holds a 50% stake in the Reko Diq mine, with the remaining half jointly owned by the governments of Pakistan and Balochistan. Barrick Gold has asserted that the mine represents one of the world's largest undeveloped copper-gold resource areas.
Mark Bristow, the CEO of Barrick Gold, had previously noted a resurgence of interest in the Reko Diq project from international investors who were previously hesitant to invest in regions considered risky. Additionally, the project has attracted the attention of Saudi Arabia, whose involvement could potentially contribute to stabilizing the endeavor.
