Egyptian billionaire Naguib Sawiris has condemned Iran’s recent missile and drone attacks on the United Arab Emirates, describing the assault as more than just a military operation.
Sawiris, the 71-year-old chairman of Orascom Investment Holding and one of Africa’s richest individuals with an estimated net worth of about $9.25 billion, shared his reaction on X after Iran launched a large-scale barrage of ballistic missiles and drones at the UAE starting on Feb. 28. The strikes followed a coordinated U.S.–Israeli attack on Iran.
“The missile and drone attacks are targeting the UAE,” he wrote. “A war against a way of life built on freedom, progress, and success, to cover up their failure.”
According to the Emirati Defence Ministry, Iran fired 186 ballistic missiles toward the UAE. Of those, 172 were intercepted, 13 fell into the sea, and one landed on Emirati territory. Authorities also detected 812 drones, with 755 intercepted and 57 striking targets inside the country.
Other regional leaders have also condemned the strikes. Anwar Gargash, foreign policy adviser to the UAE president, said Iran’s actions had backfired diplomatically and further isolated Tehran.
Iran, however, defended the operation as an act of self-defence. Tehran’s foreign minister said the country was not seeking confrontation with Gulf states and argued the strikes were a response to U.S. aggression.
Shockwaves through Egypt’s economy
Like much of the world, the conflict is beginning to ripple through emerging markets.
In Egypt, the home country of billionaire Naguib Sawiris, the national currency tumbled to a record low on Sunday, marking its sharpest single-day drop since the country’s last major devaluation two years ago. The slide comes as economic pressures intensify amid the ongoing Iran–Israel conflict in 2026.
With the possibility of a prolonged crisis, Egyptian authorities have sought to reassure the country’s 110 million citizens, many already struggling with rising living costs, that the government is prepared to cushion the economic impact of the conflict.
