Do you regret investing in Canada? “Totally”
The Canadian government has so badly mishandled opening up competition in the telecom sector that it’s now at risk of so badly damaging Canada’s reputation that even if they eventually do get around to lifting foreign ownership restrictions, companies may still be afraid to invest.
Naguib Sawiris, is the Egyptian billionaire who financed Wind Mobile on the premise that Canada was open to creating more competition in the telecom sector. When asked recently if he regreted his investment, he replied “Totally. I would actually, if they would give me my money back, minus 10 per cent, I would take it any day.”
In other words, Mr. Sawiris expects to take a major loss in Canada and if he could find a way to bail out with only 10% loss (approximately $100 million) he would.
But even more worrisome, Mr. Sawiris is not afraid to tell others investors to steer clear of Canada, “Anybody who asks me, I tell him, [...] Don’t come here”