Orascom Construction CEO bullish on Egypt, wants more reforms

Orascom Construction is bullish about growth opportunities in Egypt but wants the government to make clear commitments to further economic reforms, the company's chief executive said in an interview on Thursday.

The engineering and building business controlled by Egypt's prominent Sawiris family was once the most valuable company on the Egyptian exchange, but effectively pulled out of the bourse in 2013 in response to conditions under Islamist former President Mohamed Mursi.

It returned to the Cairo bourse last month after the economy started showing early signs of recovery under President Abdel Fattah al-Sisi, the former army general who oversaw Mursi's ouster following mass protests.

Osama Bishai said Sisi's government was moving in the right direction, citing initial reductions last summer to costly and politically-sensitive energy subsidies, but said more was needed to encourage investment.

"We would like to have some visibility ... While we're happy to see the government taking bold steps to reform, it will be also important that it's predictable," he said in an interview at the company's Cairo office tower overlooking the Nile.