Home » Egypt removes multimillionaire businessman Safwan Thabet from terror list

Egypt removes multimillionaire businessman Safwan Thabet from terror list

by Yusuf Abdulfatai
Safwan Thabet

Egyptian businessman Safwan Thabet can now refocus his attention on his business endeavors as a criminal court in Cairo has successfully removed his name from the country’s terrorism list, allowing him to move forward with a restored reputation and a bright future ahead.

The decision by the criminal court to expunge his name from the records came over three weeks after Safwan Thabet and his son, Seifeldin Thabet, were released from detention in Egypt. The release of the two businessmen came after nearly two years of detention.

During the time of their detention, Thabet and his son were accused of supporting a terrorist group and belonging to and funding a terrorist organization associated with the Muslim Brotherhood. The charges against them also included assisting attacks on the army and police troops and institutions with the intention of destroying the country’s economy.

In April 2018, the Egyptian authorities designated Safwan Thabet as a terrorism suspect for a period of five years. This designation, which was set to expire in April 2023, sparked controversy and sparked criticism of the government’s approach to counter-terrorism.

Despite the challenging circumstances that arose from their arrest, Safwan Thabet’s company, Juhayna Food Industries, has persevered and continued to thrive under the exceptional leadership of Niel Thomsen, the current CEO.

During the first half of 2022, Juhayna saw remarkable growth in sales, with a 26-percent increase from EGP 4 billion ($214 million) to EGP 5.17 billion ($270 million). This impressive performance was driven by robust consumer demand in the dairy and juice sectors, which were stimulated by a strong post-pandemic economic recovery.

Nearly four months ago, Juhayna signed a contract with KarmSolar Solar Energy Company to construct a solar power plant in New Valley, a governorate in Egypt’s southwest.

The agreement will see the consumer goods company establish a hybrid central plant at one of its farms, Enmaa Farm, in New Valley, that will generate energy using solar panels, diesel generators, and industrial batteries.

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