Egyptian magnate Nassef Sawiris mulls relocating family office to Abu Dhabi

Ahram Online , Tuesday 5 Dec 2023

Egyptian tycoon Nassef Sawiris is considering moving his family business entity, NNS Group, to the Abu Dhabi Global Market (ADGM).

Nassef Sawiris. Forbes.
Nassef Sawiris. Forbes.


Sawiris expressed his delight in announcing a long-term commitment to the UAE and the ADGM, according to Bloomberg.

“The importance of the UAE to the worldwide financial ecosystem makes NNS believe the transition of its key activities to the UAE will contribute to the further development and growth of its portfolio and core activities,” Sawiris stated.

The UAE has increased its investments in Egyptian companies at a pace that was accelerated in 2022, following the post-Ukraine war impact on the country’s economy.

According to the NNS’ LinkedIn profile, the company is Sawiris’s family office which focuses on maximizing long-term value creation by backing entrepreneurs across the globe at every stage of growth. It operates from offices in Cyprus, London, Luxembourg, and New York.

Based on Forbes’ list of the world’s richest Arabs in 2023, Nassef Sawiris is the richest man in Egypt and the Arab world with a net worth of $7.4 billion.

Sawiris, an investor from Egypt's wealthiest family, owns nearly a six percent stake in Adidas and in 2020 acquired five percent of Madison Square Garden Sports, which owns the NBA's Knicks and NHL's Rangers, according to Forbes.

He leads Orascom Construction Industries (OCI), a major nitrogen fertilizer producer, trades on Euronext Amsterdam, and heads Orascom Construction (OC) listed on Cairo Exchange and NASDAQ Dubai.

His holdings include Lafarge Holcim and Adidas, where he sits on the supervisory board. Sawiris teamed up with Wes Edens of Fortress Investment Group to buy Aston Villa Football Club in the Premier League.

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