This divestment is part of Orascom’s strategy to extract value across its assets for allocation to growth and value-accretive areas.
Nassef Sawiris
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Sawiris remains the richest man in Egypt and the Arab world.
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The $600-million bump cements his position as one of Africa’s richest billionaires.
- Hot News
Orascom Construction, led by Sawiris family, achieves major milestone in Egypt as part of consortium
Orascom Construction is 51.8 percent owned by the Sawiris family.
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The cash is interest-free and likely to be used to fund day-to-day operational activities.
- Hot News
Led by Egypt’s richest family, Orascom Construction smashes expectations with $134 million in profit in 2022
Orascom Construction is majority-owned by the Sawiris family through their private investment vehicle OS Private Trust Company.
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Sawiris’ stakes in Adidas and OCI have fallen in value below $1.9 billion and $2.6 billion.
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Sawiris derives the majority of his wealth from his six-percent stake in Adidas and 38.8-percent stake in OCI N.V.
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North African billionaires’ net worth surges as global markets rebound in 2023.
- Hot News
Egyptian billionaire Nassef Sawiris overtakes Abdul Samad Rabiu as Africa’s fourth-richest man
Since the start of the year, Sawiris’ net worth has risen by $200 million.