Nassef Sawiris، Egyptian billionaire is moving his family office to Abu Dhabi

The Egyptian billionaire، Nassef Sawiris، Egypt’s Richest Man، born 19 January1961، is moving his family office to Abu Dhabi، joining a wave of prominent investors that have set up operations in the sun-splashed emirate and intends to re-domicile NNS Group in Abu Dhabi Global Market، the city-state's international financial center، subject to regulatory approval، and aims to build significant stakes in a concentrated number of companies، primarily in Europe، the Middle East and North America.

Bloomberg News Agency mentions that Nassef Onsi Sawiris، Egypt’s Richest Man، is an Egyptian billionaire businessman، and the youngest of Onsi Sawiris' three sons (his brothers are Naguib and Samih) and as of October 2021، his net worth was estimated at US $8.7 billion، making him the richest Egyptian and fourth richest African but his net worth becomes now US $7.65 billion، according to the Bloomberg Billionaires Index.

Egypt’s Richest Man has invested in Adidas

The Egyptian billionaire، Nassef Sawiris، Egypt’s Richest Man، is Egypt’s wealthiest man، and has invested in German sporting-goods maker Adidas AG as well as English soccer club Aston Villa.

The Egyptian billionaire، Nassef Sawiris، Egypt’s Richest Man، is moving his family office to Abu Dhabi، U.A.E. which has three billionaires on the 2023 list: Hussain Sajwani، Abdulla bin Ahmad Al Ghurair & family، and Abdulla Al Futtaim & family، with a combined net worth of US $9.9 billion.

The move by the Egyptian billionaire، Nassef Sawiris، Egypt’s Richest Man، underscores his embrace of Abu Dhabi، an emirate with wealth funds overseeing more than $1 trillion، as Dutch chemical producer OCI NV، where Sawiris is chairman، listed its joint fertilizer venture with Abu Dhabi National Oil Co. in the emirate in late 2021، and it also comes as the United Arab Emirates lures investing titans from Ray Dalio to Alan Howard to set up offices in the capital city.

Nassef Sawiris to announce his long-term commitment to the UAE

The Egyptian billionaire، Nassef Sawiris، Egypt’s Richest Man، said in a statement، that he is delighted to announce his long-term commitment to the NAE and ADGM in particular as 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 as well as he will continue to be executive chairman of NNS Group following the re-domiciliation.

The last year has proven challenging for the world’s richest people، according to the Forbes World’s Billionaires 2023 ranking features 2،640 people، down from 2،668 in 2022 and collectively، billionaires are now worth $12.2 trillion، $500 billion less than in March last year، and nearly half are poorer than they were in 2022.

The Egyptian billionaire، Nassef Sawiris، is still the richest Arab

This is also reflected in the Middle East، with nine of the 21 Arab billionaires worth less now than they were a year ago، however، their collective wealth، including the Egyptian billionaire، Nassef Sawiris، Egypt’s Richest Man، has gone up from $52.9 billion in 2022 to $53.9 billion in 2023.

The Egyptian billionaire، Nassef Sawiris، Egypt’s Richest Man، is is still the richest Arab in the world، with his most valuable asset is a nearly 6% stake in sportswear maker adidas and he also runs OCI، one of the world’s largest nitrogen fertilizer producers، with plants in Texas and Iowa.

Egypt and Lebanon have the highest number of billionaires in the region

Egypt and Lebanon have the highest number of billionaires in the region، with six entries each، while the six Egyptian billionaires، incluing the Egyptian billionaire، Nassef Sawiris، Egypt’s Richest Man، his brother Naguib، the three Mansour brothers، Mohammed، Youssef، and Yasseen، and Mohamed Al Fayed، the 94-year-old former owner of Harrods، have a combined net worth of $19.1 billion.

The six Lebanese billionaires have a collective net worth of $11.8 billion and they are the two Mikati brothers، the fine Jewelry tycoon Robert Mouawad، and the three brothers of former billionaire and prime minister of Lebanon Saad Hariri، Bahaa، Ayman، and Fahed Hariri.