Egyptian Billionaire Naguib Sawiris

Egyptian Billionaire Naguib Sawiris

Simon Dawson/Bloomberg

When Egyptian billionaire Naguib Sawiris came back last year with a proposed acquisition of Manitoba Telecom Services Inc.’s Allstream business services unit for C$520 million ($475 million), the Canadian government rejected him on unspecified security grounds, prompting Sawiris to tell the Egyptian newspaper Al-Ahram he was “finished with Canada.”