Khaberni - For years, Egyptian businessman and billionaire Naguib Sawiris has been promoting investment in gold, even before the rocketing rises from low levels near $1300 per ounce to the current historic peaks exceeding $3700.
Despite these fantastical gains of gold in less than 5 years, Sawiris continues to focus on gold within his future investment plans and predicted that it would reach $5000 per ounce, according to previous press statements.
Despite this optimism, he advised against putting all eggs in one basket, where he said in a phone call to "Al-Hadath Al-Youm" channel, that anyone, regardless of their financial surplus, should divide their investment portfolio between 3 or 4 asset categories.
He explained that gold is an important part of the portfolio, but there is also a necessity for cash to handle emergencies, real estate, and another part for achieving returns and growing funds represented in securities (stocks and/or bonds).
Sawiris is considered the richest person in Egypt with a fortune exceeding $9.3 billion according to Bloomberg's Billionaires Index, and his wealth is largely diversified across different asset categories unlike his brothers Samih and Nassef.
His investment in the telecommunications sector has been behind the phenomenal growth of his wealth since the 1990s, but he considers that achieving wealth and success in life does not depend on intelligence alone.
He advised the youth on the necessity of working, and perseverance towards success no matter the challenges they face.
