Egyptian auto tycoon Raouf Ghabbour dies at 69

Raouf Ghabbour, one of Egypt’s wealthiest men and the driving force behind Ghabbour Auto Group (GB Auto), one of North Africa’s leading automakers, died at the age of 69 following a long battle with cancer.

Ghabbour, who was instrumental in the growth of Egypt’s manufacturing sector and the expansion of the country’s automotive segment, was confirmed dead in a press release issued by GB Auto on the Egyptian Exchange after trading hours on Wednesday.

Ghabbour, a leading businessman and an inspiring figure in the Egyptian community, began his first business at the age of seven, selling basic food and consumer goods such as sweets and cakes to children his age who lived on his street.

He began his career working with his family business after graduating from Ain Shams College of Medicine in 1976, refocusing the business operations to spare parts trade and quickly rose to prominence in the tire industry, attracting the attention of the region’s major automotive players.

At the age of 32, he established GB Auto and expanded it to become one of the leading car distributors and assemblers in the Middle East and North Africa. He oversaw the transformation and diversification of the company, listing it on the Egyptian Exchange while his family held a 62.9-percent stake in the automaker.

Under his leadership, GB Auto successfully launched its financial services division, becoming a forerunner in Egypt’s now-booming non-bank financial services sector while also making the subsidiary one of the most lucrative divisions of the company.

In 2021, the group’s net profit rose by 66.6 percent from EGP1.11 billion ($70.6 million) in 2020 to EGP1.85 billion ($117.6 million) at the end of 2021, reflecting increased consumer demand across all the group’s business lines.

The group announced in the press release that, in light of the tragic news of Ghabbour’s passing, the board of directors will handle the group’s business through Managing Director Nader Ghabbour, until the next annual general meeting, where a president will be elected.