VENTURE CAPITAL POST

The acquisition will create a second largest investment bank in Egypt. Sawiris acquired CI Capital Holding with its investment arm, Orascom Telecom Media and Technology.

Naguib Sawiris, the third richest man in Egypt announced he wants to buy an island either in Greece or Italy to relocate refugees from the war zone, Syria. He wants to name it 'Ilan' to remember Aylan Kurdi, the Syrian boy drowned on Turkish shore.

Russian telecoms giant Vimpelcom has agreed to let go of its much disputed holdings in Orascom Telecom Algeria to the Algerian government after buying the telecoms firm from Naguib Sawiris in 2010 for $6 billion.

Naguib Sawiris has been looking at a potential investment in Telecom Italia, his latest attempt after failing to get hold of stake two years ago, reported Ventures Africa.

Egyptian telecoms magnate Naguib Sawirirs said that the unclear telecommunications policy in Canada would jeopardize foreign investment.

According to tycoon Naguib Sawiris, he is interested in purchasing a stake in Telecom Italia but may opt not to in light of the Italian press' preference for Telefonica.

An Italian newspaper reported that the Italian government preferred the merger of Telecom Italia with Spain's Telefonica than have Naguid Sawiris acquire a stake in the firm.

After the Verizon-Vodafone USD130 billion deal, AT&T and Billionaire Tycoon Naguib Sawiris was reported to see Telecom Italia to be its next target.

A source told Reuters that Naguib Sawiris, America Movil and AT&T made preliminary contact with the core investors in Telecom Italia who wanted to exit the company.

Egypt will be seeing more investments from Billionaire Naguib Sawiris and his family.