Nassef Sawiris, 53, is Egypt’s richest man. With a net worth of $6.9 billion, he makes most of his money in construction through his company, Orascom Construction Industries. Projects include chemical plants and residential complexes. He is credited with creating 29,108 jobs. Here are 12 things you didn’t know about Nassef Sawiris.
Source: VenturesAfrica.
He has an international education
Sawiris attended secondary school at the German International School of Cairo in Egypt before moving on to earn his bachelor’s degree in economics at the University of Chicago.
He has two brothers
Sawiris is the youngest of three brothers — all entrepreneurs. His siblings are Naguib Sawiris and Samih Sawiris. Naguib is CEO at Orascom Telecom Media & Technology and Sahim is the head of a development company that builds resorts around the world.
The Sawiris family faced tax evasion charges in 2013, with Nassef facing three years in prison. Orascom Construction Industries agreed to pay back the Egyptian tax authority in 10 installments between 2013 and 2017 and he was acquitted of all charges.
The Sawiris family started the Sawiris Foundation for Social Development in 2001. The foundation’s goal is to create jobs, encourage Egyptian entrepreneurs and, as the chairman put it, “to invest in human welfare and sustained development, and provide vital safety nets and much-needed services in some of our most deprived communities.”
Sawiris’ brother, Naguib, admitted that after their father’s company was nationalized when they were children, authorities came to their home and searched the house.
Nassef has landed investors and partnerships with big names. Orascom Construction Industries owns 50 percent of BESIX group, one of the largest Belgian construction groups, and has a joint venture with Swiss cement manufacturer Holcim.
Nassef is the richest of his three brothers. Brother Samih said, “Nassef is like a slow-moving tank, Naguib is a racing car and I am coming on my donkey.”
In an interview with Bespoke Magazine, Sawiris said, “I don’t believe in master plans. I believe in a vision that stays dynamic and suits the area, the people that live in it, your clients, and the circumstances.” He said when he started with Orascom he didn’t even know it could lead to a career for him.
Sawiris said that when scouting oceanfront properties for his business ventures, he interviews local fishermen, telling them his requirements for land. They’ll send him the right way, he said.
Sawiris says Orascom Construction Industries aims to be a carbon-neutral entity that generates as much energy as it consumes. His company is also building shale gas plants in the U.S. to exploit the natural gas trapped in sedimentary rocks.
Sawiris owns one of New York City’s most expensive properties, a co-op at 960 Fifth Avenue. Sawiris paid $70 million for the penthouse apartment. The building counts among its residents some of New York’s elite and wealthy.
Sawiris is affiliated with 62 executive boards in seven organizations spanning eight different industries. Some of these board memberships include being vice chairman of the BESIX Group, director at Nile City Investments and managing director at Orascom Construction Industries.