Naguib Sawiris Expects Gold Prices to Keep Rising Over the Next Two to Three Years
Egyptian billionaire Naguib Sawiris said he expects gold prices to continue climbing over the next two to three years, citing lower interest rates and strong global demand as key drivers behind the bullish outlook.
Speaking at the ninth edition of the Think Commercial Roundtable held under the theme “Real Estate as a Driver of Investment and Exports”, Sawiris described gold as a promising long-term investment. He noted that “a single mine takes around seven years to begin production,” underscoring the limited supply pipeline compared to rising demand.
Sawiris also weighed in on Egypt’s monetary policy, suggesting that an appropriate interest rate for the Egyptian pound should range between 8% and 10%. “We don’t know how to operate under the current high interest rates,” he said, warning that instability in building material prices continues to pose a challenge for the real estate sector.
The roundtable brought together senior government officials from the Ministry of Housing, representatives of the Financial Regulatory Authority (FRA), members of parliament, business organizations, leading property developers, financing companies, asset managers, real estate funds, and legal advisors.