- Egyptian billionaire Naguib Sawiris said President Trump is right in saying that China has taken advantage of other countries.
- He said other countries are justified in their concerns that Chinese telecommunications equipment maker Huawei could be a security risk.
Egyptian billionaire: The world's political situation has 'never been worse
Egyptian billionaire Naguib Sawiris didn't mince words in his evaluation of the ongoing trade war between the U.S. and China and the security concerns about Chinese telecommunications giant Huawei.
Beijing has long taken advantage of other countries and U.S. President Donald Trump is right to seek changes out of Asia's largest economy, he told CNBC's Hadley Gamble on Tuesday.
"President Trump is right about that: This has been a long time where we closed eyes on China raping us. So, by the time you come and tell them, 'You need to change,' I mean, they just used to be so comfortable and do whatever they want," he said.
Overall, he said, "the political situation in the whole world has never been worse."
"People expect wars ... whether it's a trade war or its a real war," Sawiris said, noting a list of geopolitical hot spots including "the Middle East in disarray" and China pressuring Taiwan.
"It's just not like a very stable world today."
Concerns about Huawei are justified
Sawiris, who has vast telecommunications holdings, also weighed in on the drama around Chinese equipment maker Huawei.
Since 2012, Huawei, the world's largest maker of networking equipment, has been barred from selling those products in the U.S. on the explanation of security concerns by the U.S. government.
Naguib Sawiris, chairman and chief executive officer of Orascom Telecom Media and Technology Holding.
"I think there is genuine concern, and I think it's justified," the Egyptian billionaire told CNBC on Tuesday.
Concerns about Huawei are justified
Sawiris, who has vast telecommunications holdings, also weighed in on the drama around Chinese equipment maker Huawei.
Since 2012, Huawei, the world's largest maker of networking equipment, has been barred from selling those products in the U.S. on the explanation of security concerns by the U.S. government.
Naguib Sawiris, chairman and chief executive officer of Orascom Telecom Media and Technology Holding.
"I think there is genuine concern, and I think it's justified," the Egyptian billionaire told CNBC on Tuesday.
"It's actually taking the West very long to — I mean, you know, telecom was my domain — to get worried. I think they should be worried."
Now, several other countries have taken Washington's lead and moved toward banning Huawei products from being used in their own development of 5G tech — the next generation of ultra-high speed internet.
Sawiris warned that such concerns, although justified, may eventually lead to technological silos between countries.
"I don't know how we'll remedy that because that will apply then to everyone: If I'm Chinese, I might not any take equipment from Motorola, for example," Sawiris said.
Now, several other countries have taken Washington's lead and moved toward banning Huawei products from being used in their own development of 5G tech — the next generation of ultra-high speed internet.
Sawiris warned that such concerns, although justified, may eventually lead to technological silos between countries.
"I don't know how we'll remedy that because that will apply then to everyone: If I'm Chinese, I might not any take equipment from Motorola, for example," Sawiris said.
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