Ahmed Heikal, one of Egypt’s best-known financiers, is pressing ahead with a $3.7bn refinery investment despite the political uncertainty surrounding the country.
But he started five years ago and has already invested considerable time, effort and money into the government-backed project. “It would be more difficult to start now,” he said, in a comment which speaks volumes about Egypt’s investment climate.
Heikal is founder and chairman of the Cairo-listed investment company Citadel Capital, which has seen its shares fall by 63 per cent this year on the stock market, far in excess of the 39 per cent drop in the Cairo 30-share index.
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