The wealth of Egyptian billionaire "Nassef Sawiris" has increased more than 70% in less than a year
Arab Entrepreneurs

The wealth of Egyptian billionaire "Nassef Sawiris" has increased more than 70% in less than a year

Nassef Sawiris adds $3.7 billion to his fortune in less than a year

NewsArea Staff NewsArea ME Editor

The wealth of the richest Arab billionaire "Nassef Sawiris" increased by 74% in less than a year, to reach 8.7 billion dollars compared to five billion dollars in March 2020. Sawiris had added about one billion dollars to his fortune during the last month of 2020.

Sawiris strengthened his top spot on Arab billionaires list, with Abdullah Al-Ghurair and his family's wealth reaching $3.7 billion, and NewsArea estimated Majid Al Futtaim and the family’s wealth at $ 3.6 billion.

Richest Arab billionaire

The Sawiris family is the richest family in Egypt, including Naguib Sawiris, Nassef Sawiris, Onsi Sawiris and Samih Sawiris.

In 2015, Nassif split Orascom Construction and Industry into two entities: OCI and Orascom Construction. He manages OCI, one of the world's largest producers of nitrogen fertilizers and has farms in Texas and Iowa.

The company's stock is traded on the Euronext exchange in Amsterdam, while Orascom Construction, an engineering and construction contractor, is listed on Cairo Stock Exchange and Nasdaq Dubai.

Nassef Sawiris has diversified investments that include stakes in cement giant Lafarge Holcim and Adidas.

Why this financial jump

The big increase in the wealth of the Egyptian business tycoon came with the support of the rise in OCI NV's stock on the Amsterdam Stock Exchange by about 84%. Nassif Sawiris has a 29.85% stake in the company, while the share of his father Onsi Sawiris is 17.14%, and his brother Samih Sawiris is 11.4%, according to company data on the Euronext exchange.

Lafarge Holcim, in which Nassef also invests, jumped from $32.6 in March to $57.15 according to Wednesday's close, an increase of about 75.5%, and Adidas's share rose from $ 201.9 on March 18 to about $ 344.7, an increase of more than 70%. During that period.

The share price of Orascom Construction on Nasdaq Dubai has increased by nearly 10% since March, from $ 4.95 to $ 5.44. The Sawiris family owns 51.8% of the company, according to company data in September 2020.

Projects under implementation for Orascom Construction were estimated to be $ 5.3 billion at the end of September 2020, and generated a net profit of $ 65 million in the first nine months of 2020.

The Egyptian billionaire is betting on special purpose acquisition companies (SPAC) and recently announced his goal of raising $ 600 million, by listing his special purpose acquisition company (Avanti Acquisition Corp) on the New York Stock Exchange.

The NNS Group, a subsidiary of the Sawiris family and Sienna Capital, plans to invest about $ 100 million in the acquisition. This investment tool focuses on European companies run by families and founders, looking for fast-growing companies in technology, healthcare and retail, and targets those with a market value of over $ 2.4 billion.

Special Purpose Acquisition Corporations (SPAC) are primarily companies without a business registry, and their sole purpose is to be listed on exchanges to raise funds and acquire other companies. It is set up by investors or sponsors who have a specific interest or experience in a particular industry or business sector, but in the process of establishment the target acquisition is not defined, so investors in SPAC do not know which company they will ultimately invest in, and instead invest in the people who manage These same companies. If these companies cannot complete a single acquisition in two years, then they must return the money to the investors.

Powered by Froala Editor

NewsArea Staff Editor at NewsArea ME

Releated Articles