Nassef Sawiris (Egypt): Heir to the Pharoahs

After graduating from the University of Chicago with a degree in economics, Nassef Sawiris joined the family business, BTP Orascom Construction Industries in 1992. In six short years he would rise all the way to the top, taking over as CEO in 1998.

While his brothers invested their time, respectively, in the group’s telecoms and tourism subsidiaries, Sawiris took a macro approach, expanding the group’s activities regionally, from Algeria to Pakistan to the UAE, while simultaneously laying the groundwork for its diversification.

Cementing his success
The first step in Sawiris’ masterplan was to find a way of boosting the group’s profitability. This task was achieved with ease, and in less than a decade Orascom went from producing 1.5 million tons of cement per year to 35 million. This was a key achievement in solidifying his status, and making his fortune: when he sold the business to French cement manufacturer Lafarge in 2007, he pocketed over six billion dollars, and a further three billion in Lafarge shares.

Naseef Sawiris has never been one to rest on his laurels. In 2008 he acquired 100% of the shares of the Egyptian Fertilizers Company, although the arrival of the Muslim Brotherhood in 2011 forced Sawiris take the decision to relocate its activities to the Netherlands, via the OCI N.V. holding.

The Cairo native is a major player in the construction of the city's gargantuan New Administrative Capital project

“We need to view this decision through the prism of the era. Back then, there was a government in power that was extremely hostile to women, minorities, Christians and businessmen. We were being harassed on a daily basis and were really left with no choice but to leave,” remarked the billionaire in an online interview with the University of Pennsylvania.

After enjoying significant success in the US market with its nitrogen fertilizer products – this activity now accounts for the lion’s share of the 61-year-old’s estimated 2.5 billion fortune – his company branched out into methanol and hydrogen production for clients in the transportation and industrials sectors.

Local boy made good
The Cairo native has not forgotten his roots – either in his homeland or in the construction sector. He is a major player in the construction of the gargantuan New Administrative Capital project, currently rising out of the ground to the east of the city. The project, which is set to establish a new metropolis capable of housing up to seven million souls by the middle of the century, will include the new Egyptian parliament, the national opera house, central bank and a cathedral, among other landmarks.

Sawiris is a keen investor in the business of sport, and has a 6% stake in Adidas and a 5% one in Madison Square Garden Sports, owners of the New York based Rangers (NHL) and Knicks (NBA). He is also the joint owner of Premier League club Aston Villa, alongside Wes Edens.

Despite holding the title of the world’s richest Arab, the father of four is not one to revel in the spotlight, preferring to maintain a low profile, something that he has succeeded in doing in part due to the fact that his is no rags-to-riches tale.

Although there can be no denying he was born with a silver spoon in his mouth, Sawiris deserves a lot of praise for how he built on his golden foundation in life, through astute marshalling of resources and a flair for the spectacular. The Pharoahs, no doubt, would approve.