The year 2020 and the first quarter of 2021 was a difficult period for all countries, organizations, and individuals financially because of the unexpected Covid-19 pandemic. Although still some countries are struggling financially as Covid-19 continues to stay as guests, yet some countries made a fortune out of it.
Like Arab countries, who shifted their major resource of income from oil to technology-based businesses, creating opportunities for women, and making them a chair in important designations. This has brought a tremendous impact on the economy of Arab countries and made it the richest region in the 2021 Forbes list.
Captainstale associates you with 2021’s revolutionary Richest man from Egypt, The Sawiris family.
Forbes Middle East disclosure:
Forbes magazine disclosed that Egypt and Lebanon are the wealthiest Arab billionaires for 2021.
The magazine’s yearly report said that the net wealth of the Arab families rose to US$55 billion this year, as opposed to US$47.3 billion in 2020.
The present year’s list involves 22 Arab billionaires, considering ten billionaires who are part of four families. They are the Sawiris and Monsour families from Egypt and the Mikati and Hariri families from Lebanon. The joint fortunes of the four families summed up to US$29 billion.
Out of these, the topper of Egypt and Arab billionaires is from the Egyptian family Nassef Sawiris, with a net worth estimated to be about US$9.1 billion, although the joint wealth of this family is estimated at about US$14 billion.
The Forbes team from the Middle East captured an intense plunge into the four richest Arab families. They found it out that the Egyptian billionaires comprised the biggest share of wealth, with US$19.1 billion, while the Lebanese came in next with US$9.9 billion.
The Sawiris Family:
The Sawiris family is an Egyptian Coptic Christian family, and owns the Orascom Conglomerate, traversing telecommunications, construction, tourism, industries, and technology. Forbes evaluated the family’s net worth in 2008 to about $36 billion.
This family head, Mr. Onsi Sawiris (1930-2021) was the vigilante of the family. His three sons run several companies:
- Naguib Sawiris (born 1954)
- Samih Sawiris (born 1957)
- Nassef Sawiris (born 1961)
Orascom was founded in 1950 by Onsi Sawiris, that has expanded into a chain of companies along with Orascom Telecom Holding, and Orascom Technology Solutions (OTS), both routed by Naguib Sawiris, Orascom Construction Industries routed by Nassef Sawiris, Orascom Hotels and Development (OHD) routed by Samih Sawiris.
Naguib Sawiris is an investor in Mobinil, Egypt’s leading mobile phone firm, and has expanded into Algeria, Tunisia, Pakistan, Bangladesh, and also North Korea. He further has funded through associates in Italy (via Wind Telecommunication SpA) and in Canada (via Globalive Wireless and its Wind Mobile). Naguib Sawiris is also a major stakeholder in the exceptionally allowed Egyptian independent newspaper Almasry Alyoum and the proprietor of TV interests, particularly in OTV (Orascom Television). He is also a director in Italiaonline, a firm that operates in the Internet sector.
They declared on 20th July 2018, that Nassef Sawiris was to become a major proprietor of the historic British Football club Aston Villa F.C., by funding the investment group NSWE, which was floated by the USA billionaire Wesley Edens. Also, because of him, his family’s net worth has grown since he is the proprietor for 6% possession in the sportswear firm Adidas. Also, as of December 2020 bought 5% of the stake in Madison Square Garden Sports, as recorded in New York, and was proprietor to NBA Knicks and the NHL Rangers.
Nassef also handles OCI, one of the huge nitrogen fertilizer manufacturers in the world. They also have plants in Texas and Iowa, and they market their stake with Euronext Amsterdam and possess a 33% share in it. He is also proprietor to various holdings, involving the stakes in cement giant (LafargeHolcim) and in Orascom Construction.
It also deserves to know that Nassef Sawiris’ appraisal jumped high in the past 15 months, from $5Billion in April 2020 to $9.1 billion presently.
The third brother, Samih Sawiris, targets the tourism sector, in which he flourished a tourist town of El Gouna, and has dividends in many companies that involve 5.62% in OCI NV, 65% in Orascom Development Holdings, and also 6.3% in Orascom Construction. The entire value of these stakes is roughly $680 million.
The assets of his father, Onsi Sawiris, who died recently, are about $997 million. This asset is yet to be handed out to his heirs as he still holds dividends in OCI NV and Orascom Construction.
Sawiris Foundation for Social Development that involves Sawiris Foundation Awards for Egyptian Literature actively involved the Sawiris family in charity, finance, and communal events.