Egyptian jewelry designers have been given a major boost after a US firm took over their businesses in Egypt.
Egyptian designer Hassan al-Mubarak said he received the cash from American investment firm TPG Group in February.
“I was thrilled to receive this massive cash infusion from the American company TPG,” Mr al-Moqarak said.
The Egyptian jeweler, who has worked for several international brands, said he was expecting a $50m cash injection after being awarded a contract for work on the countrys first diamond store in 2017.
Mr al-Sayed said the deal had been negotiated with the US company in December last year.
“[The US company] wanted me to make sure the work is done before they can take over the business, and they wanted me at the top of the list,” he said.
The US firm said it had been in contact with Mr al.
Sayed and had been working with him to establish a business in Egypt that would offer high quality diamonds, pearls, gold and other luxury items.
TPG, which bought out the previous owner of the Egyptian jewelery store, Nizari, in October, has also bought up other Egyptian businesses including the jewelery company, the state-run news agency MENA reported.
“This is a significant boost to Egyptian business and a positive signal that TPG has taken a strong stand on the development of Egyptian businesses,” TPG CEO Mohamed El-Erian said in a statement.
“Egyptians deserve to enjoy high quality products and services, which is why TPG is investing in them and the rest of the economy.”
Mr al-‘Sayed was previously head of the Luxor diamond store.
His company had previously worked with the likes of Nike and Nike+ to sell high-end goods in Egypt, including shoes, handbags and luxury watches.
Mr al’Sayed previously said he would have no plans to return to Egypt.
“I am not interested in leaving Egypt.
I want to do everything I can to make it a better country, but I am going to leave Egypt,” he told Egyptian media last year, after being barred from returning to the country for more than six months.”
My dream is to make Egypt a better place.
I hope the people of Egypt can be happy with what I have done,” Mr Al-‘Says said.