Egyptian billionaire businessman Naguib Sawiris has stepped down from his role as the chairman of Orascom Investment Holding (OIH), according to an official statement filed on the Egyptian Stock Exchange.
The company’s board of directors accepted his resignation. However, the billionaire holds several positions at OIH and will remain its managing director and CEO.
Aqeel Hamid Bashir was appointed as the company’s non-executive chairman.
OIH is part of Orascom Group.
The Sawiris conglomerate
Naguib Onsi Sawiris is the eldest of three billionaire brothers. Among their assets, his brothers Samih Sawiris and Nassef Sawiris own the Aston Villa Football Club.
Nassef is Africa’s second wealthiest man.
Their father, Onsi Sawiris, founded Orascom Group (Orascom) in 1950, an engineering, procurement and construction contractor based in Cairo. The Group is Egypt’s first multinational corporation with operations in over 25 countries.
Naguib joined the family business in 1979, initiating a growth process that eventually led to the diversification of Orascom. This made the business one of Egypt’s largest and most diversified conglomerates and the country’s largest private-sector employer.
Naguib built out the railway, IT and telecom sectors of Orascom Group. He currently chairs the board of La Mancha Holding, a gold producer working to become a dominant player on the continent’s gold sector, which is 100-percent owned by the Sawiris family.
In 2011, OIH was established to focus primarily on the telecom, media and technology spheres. OIH has further diversified its portfolio to operate in sectors where it sees opportunities for high growth, transformation and community impact.