Egyptian billionaire Naguib Sawiris predicted the price of oil will reach $100 per barrel within 18 months and said there were opportunities to be had in the airline and tourism industry.
According to a report by CNBC on Wednesday, Sawiris rebuffed the advice of fellow billionaire investor Warren Buffett by saying he would purchase airline stocks. Buffett’s Berkshire Hathaway recently announced the sale of its entire holdings in the four major U.S. Airlines, after suffering $49.75 billion in first-quarter losses, a move that saw American Airlines (NASDAQ: AAL) and United Airlines (NASDAQ: UAL) register double-digit drops the next day.
Sawiris, chairman and CEO of Orascom Investment Holding, told CNBC he saw opportunities in the tourism, hotel and internet sector, in addition to airlines.
He said,
With every crisis there is opportunity. You can go and buy an airline today for $1 if you are assuming the bulk of the debt.
Sawiris continued, giving his approval for President Donald Trump’s plan to reopen the American economy.
He told CNBC,
They might not find the cure, they might not find the vaccine, so how long are we going to be in prison in our homes?
Sawiris called the oil price war between Saudi Arabia and Russia a “calculated” effort to kill off the shale industry in the United States. He gave the prediction that oil would reach $100 per barrel within the next 18 months.
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