Naguib Sawiris: Egyptian tycoon buys airplanes

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A few days ago, the investment world and the market “froze” from the announcement of the head of Berkshire Hathaway, Warren Buffett, that he sold all the shares of airlines that he had in his portfolio, as “something is not going well” with due to industry.

Now, Egyptian billionaire Nagib Sauris, president and CEO of Orascom Investment Holding, is going against Buffett, saying he will buy airlines.

Sauris, who is also the only non-North Korean to have a telecommunications license in North Korea, told CNBC that he “sees” opportunities not only in aviation, but also in tourism, hotels and the internet.

“In every crisis, there is an opportunity,” he said. “You can buy an airplane today for a dollar if you take on most of the debt.”

Shares of U.S. airlines have plummeted this year as demand for air travel has almost vanished, falling 95% due to the coronation pandemic.

The virus has infected more than 3.6 million people and killed 256,800, according to Johns Hopkins University.

According to Sauris, he agrees with the US President regarding the controversial plan to open up the US economy. US stocks rose yesterday, amid expectations that the economy would unlock. According to Sauris, this is one of the few times that Trump is right. “They may not find the cure or the vaccine, so how long will we be imprisoned in our homes?”

The Egyptian tycoon is also making predictions for oil, the price of which, he says, will reach $ 100 / barrel in a year and a half. According to him, the price war between Russia and the de facto leader of OPEC, Saudi Arabia, was a “deliberate” attempt to put a gravestone in the US shale oil industry and that the Saudis were right about oil in the long run.

“It simply came to our notice then. They knew this was going to happen (the fall in oil prices) and again they wanted to do it because, by taking an opponent out of the middle, the price would rise to $ 50 or $ 60. So I think in 18 months from today, oil will be at $ 100. “

SOURCE: newmoney.gr