Nassef Sawiris, majority shareholder of OCI. Company website.
In an exclusive interview with The Financial Times, Sawiris confirmed a strategic shift that includes merging his chemicals and construction group, OCI Global, with Orascom Construction and relocating to Abu Dhabi and Italy.
OCI, short for Orascom Construction Industries, was founded by Sawiris, Egypt’s richest businessman and the youngest son of the late Onsi Sawiris.
The company originally started as part of the broader Orascom conglomerate but was later spun off and expanded into two main areas. It began as a leading construction and engineering firm operating in Egypt and the Middle East, was listed on the Egyptian Exchange, and later expanded globally.
The newly merged entity will be listed on the Abu Dhabi Securities Exchange and will focus on long-term infrastructure investments in the US, particularly in high-growth sectors such as data centres, airport terminals, and university housing.
“We want to focus the next stage of our business on the area we see the biggest opportunity, which is infrastructure,” Sawiris said, adding that Orascom’s deep operational expertise gives it a competitive edge over financial investors.
“Any day, these companies will be more successful than a bunch of bankers who do desktop analysis of an asset and then struggle to create the most value,” he stated.
Sawiris, whose net worth is estimated at nearly $9 billion, has overseen the sale of more than $11.6 billion in assets through OCI Global over the past two years.
The merger with Orascom marks a return to the family’s construction roots and a shift away from chemicals and fertilizers.
The group’s US subsidiary, Weitz, acquired in 2012, already has a footprint in infrastructure development, and the new strategy aims to scale that presence through equity and credit investments over the next decade.
Sawiris’ decision to exit the UK follows recent tax reforms that have prompted several high-profile relocations. His new strategy aims to establish a solid foundation for his business empire in sectors with long-term growth potential.
According to a financial audit by KPMG, OCI and Orascom have delivered a combined internal rate of return exceeding 39 percent since Orascom’s 1999 listing, paying out over $22 billion in dividends to shareholders.
The merger announcement is expected on Monday, with more details on the company’s investment roadmap and asset strategy to follow.
In August, Orascom Construction reported a sharp rise in net profits for the second quarter of 2025, with earnings reaching $62 million, nearly triple the $21 million recorded in the same period of 2024.
It attributed the robust performance to a significant increase in revenues, which climbed to $1.4 billion in the second quarter, up from $711 million year-on-year.
The total backlog of ongoing projects has reached $9.6 billion, rising to approximately $14 billion when including its 50 percent stake in the Belgian construction company BESIX Group.
The figures reflect continued momentum across regional and international markets, reinforcing the group’s position as a key player in global infrastructure and construction.
The Sawiris family remains one of Egypt’s most influential business dynasties, with a diversified empire spanning construction, telecommunications, media, tourism, and finance.
Their companies operate across Europe, the Middle East, Africa, and North America and are listed on stock exchanges in Cairo, Amsterdam, and Abu Dhabi.
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