Egyptian Tycoon Sees Gold & Real Estate Investment as Hedge against Inflation

Naguib Sawiris, an Egyptian business tycoon, expects gold prices to reach US$1,800 and US$1,900 per ounce in the short term. In an interview with Asharq, the president of Ora Developers recommended investing in gold and real estate as a hedge against inflation. “Inflation always pushes real estate prices up, so the investment is safe,” he said.

Sawiris advised real estate developers to focus only on projects that are already sold. He cautioned developers due to the current market conditions and high shipping and material costs. The businessman noted that real estate developers cannot tolerate more than 5%-10% of the cost increase, as profit margins in the real estate development have already shrunk by 60%.