Egyptian billionaire Naguib Sawiris said late Saturday he has decided to quit all executive roles at his businesses and focus his time on humanitarian work after a $6 billion deal was reached last week with Russian mobile operator Vimpelcom Ltd, Zawya reported.
According to Zawya, Sawiris told Cairo’s Al-Mehwar television: “The last two to three years were full of problems and crises, which made me lose my appetite for work." The Egyptian mogul said the main reason behind his decision is a dispute with the Algerian government over the local unit of his Orascom Telecom Holding.
Orascom’s investment in Algeria, which accounts for almost 50 percent of the group’s revenue, is the subject of the row with Algiers over hundreds of millions of dollars in back-tax claims.
