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Three years ago, Egyptian telecom magnate Naguib Sawiris invested half his fortune in gold. Now, as head of La Mancha in Luxembourg, he wants to go further. (Photo: Nader Daoud / World Economic Forum)
La Mancha, the Luxembourg holding company of Egyptian billionaire Naguib Sawiris, launched a new $1.5 billion investment fund from Luxembourg this week, primarily focused on gold mining.
“Creating a fund is the natural consequence of what we have been doing since we vended-in our operational assets into Evolution and Endeavour in 2015. Transitioning to a fund structure and welcoming new investors is timely when we are seeing opportunities in a gold mining sector which is fragmented and needs further consolidation,” Naguib Sawiris, chairman of La Mancha’s board of managers said in a statement.