The new Party in Egypt. Party of democracy and freedom.

Telecommunications tycoon Naguib Sawiris announced the launch of the liberal Free Egyptians Party at a press conference on Sunday.

Sawiris, who is among Egypt's best-known businessmen, said that he will not head the party and called on all new political powers to work hard during the “challenging and defining” five month period before parliamentary elections in September.

The new party’s stated principles are democracy and freedom, civil state and equality between all citizens, the empowerment of women to participate in all fields, an independent judiciary, and a separation between legislative and executive bodies.

The party aims at encouraging economic, social, and scientific progress in Egypt and maintaining the dignity of all Egyptians, whether located inside and outside the country.

In October, Sawiris stepped back from the management of his business in order to focus on political and social activities. In the weeks after the January 25 revolution, which lead to the resignation of former President Hosni Mubarak, Sawiris served on the so-called Council of Wise Men, a group charged with mediating between the government and youth-led opposition movements.

Sawiris, whose personal wealth is estimated at US$2.5 billion, funded a campaign calling for a "no" vote in last month’s referendum on constitutional amendments. He is active in a number of other political organizations.

When a TV talk show host asked Sawiris in an earlier interview if he was funding the Free Egyptians Party, he replied that he, like every other member, had the right to contribute as much as he wanted.

Source: egyptdailynews.com