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Billionaire Sawiris Joins Egypt’s Gold Rush After Rules Relaxed

  • AKH Gold signs four contracts to explore blocks in Egypt
  • Nation relaxed rules last year to stoke investor interest
Naguib Sawiris
Naguib SawirisPhotographer: Simon Dawson/Bloomberg

One of Egypt’s richest men is joining the rush to explore the nation’s untapped gold deposits as a shakeup in regulations attracts investors.

AKH Gold, a subsidiary of Altus Strategies Plc, which is backed by billionaire Naguib Sawiris, on Wednesday signed four contracts to explore in nine blocks of Egypt’s gold-rich eastern desert. The deals, which will see AKH invest about $4.1 million, were among 10 contracts inked, the oil ministry said following a signing ceremony.