Egyptian tycoon expects gold prices to hit $1,900 per ounce in short term


RIYADH: Naguib Sawiris, an Egyptian business tycoon, expects gold prices to reach $1,800 and $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 percent of the cost increase, as profit margins in the real estate development have already shrunk by 60 percent.