Egyptian billionaire Nassef Sawiris has solidified his status as the richest man in Egypt and North Africa, witnessing a remarkable surge in his net worth to $8.3 billion.
Over the past 18 days, Sawiris’ fortune experienced a significant boost, rising from $7.46 billion on Dec. 7 to $8.3 billion as of Dec. 25. This cements his place among the world’s wealthiest individuals and elevates his position on the Egyptian wealth pyramid.
Boasting a net worth of $8.3 billion, Sawiris now comfortably sits among the ranks of the world’s 300 wealthiest individuals. The recent upswing in his fortune owes much to a shrewd asset-unlocking strategy executed by his flagship entity, OCI Global.
OCI Global, a prominent producer and distributor of nitrogen and methanol products, recently made headlines with its move to return value to investors, including Sawiris, who owns a substantial 38.58-percent stake in the company.
OCI Global raises $7.22 billion with strategic asset sales
On Dec. 18, OCI Global finalized a $3.6-billion deal to sell its entire 100-percent stake in the U.S. fertilizer producer Iowa Fertilizer Company to Koch Industries. This deal not only reduces the holding company’s debt but also unlocks significant value for shareholders.
The deal includes considerations for a capital return, aligning with OCI Global’s existing framework, and potential future investments in decarbonization growth projects.
In a parallel move to maximize value from its assets, OCI Global, under Sawiris, announced the sale of its 50-percent stake in Fertiglobe to the Abu Dhabi National Oil Company (ADNOC). The total consideration for this transaction is $3.62 billion, marking a complete exit and monetization of OCI Global’s entire equity stake in Fertiglobe.
Sawiris foresees global growth in ADNOC partnership
Upon completion of the transaction, ADNOC’s shareholding in Fertiglobe will rise to 86.2 percent, while the free float traded on the Abu Dhabi Securities Exchange (ADX) will remain at 13.8 percent.
Sawiris, vice chairman of Fertiglobe and executive chairman of OCI, expressed optimism about future collaborations with ADNOC. He announced a global strategic alliance that will focus on value-accretive growth projects outside the Middle East.
Additionally, Sawiris, through his private investment office NNS Group, confirmed plans to invest in Fertiglobe, showcasing unwavering confidence in the material value creation anticipated under ADNOC’s stewardship.
