Egypt’s wealthiest man, Nassef Sawiris, recently revealed that he was thinking of overhauling his chemicals and fertilizer empire.
This came after he had sold $7 billion in assets over a period of two months.
The tycoon is thinking of breaking his Dutch-listed chemicals firm OCI into a cash shell to allow him to invest in other ideas and acquire new businesses.
The bold move could change his investment strategy and redefine the future of his empire.
Sawiris’s holdings also include English Premier League football club Aston Villa.
On the African continent, and in the corridors of power and influence, few figures resonate as profoundly as the 63-year-old billionaire.
His towering presence in the global business contains great lessons on grit, vision, and commitment. Values that have helped him build a multi-national global business.
“We’re evaluating what we want to do, not just with the money [from the asset sales] but as a team. And maybe OCI stays with a piece or two pieces and it becomes a cash cow and becomes a machine for further investment. We’re quite open-minded.”
Sawiris told British publication Financial Times in a recent interview
According to Forbes, Sawiris’ wealth is estimated at more than $8.8 billion, with a diverse portfolio that includes a stake in sportswear firm Adidas, ownership of Aston Villa, and shareholding in Danish restaurant chain Joe & The Juice.
At OCI, the billionaire owns a 40 percent stake, while his family holds a further 14 percent, giving him control over the company.
His rise to the top did not start from humble beginnings as is the story with other African billionaires, Sawiris was born into a business dynasty.
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Early life and education
Nassef Sawiris was born into affluence on January 19, 1961, in Cairo, Egypt, as the scion of the Sawiris family.
His father, Onsi Sawiris, laid the foundation for the family’s legacy, establishing Orascom Construction Industries.
This means that young Sawiris was born into a culture where entrepreneurship was revered, which propelled him into who he is today. He is the youngest son in the family.
Educated at the German International School in Cairo, Sawiris’s early years were marked by a blend of privilege and discipline.
However, it was his time at the University of Chicago, where he pursued a degree in Economics, that would shape his worldview and ignite his entrepreneurial zeal.
His time in Chicago helped him hone his analytical acumen and deepen his understanding of the global markets, laying the foundation for his business success.
The architect of a business empire
Sawiris returned to Egypt upon completing his studies and joined the family company Orascom Construction Industries in the early 1980s.
It is under his leadership that the company diversified its portfolio, entering into telecommunications, tourism, and infrastructure development.
As the family business expanded, efforts were made to diversify its ventures.
This included venturing into the cement industry and expanding operations beyond Egypt into other emerging markets.
Nassef Sawiris’s two brothers also played pivotal roles in branching out into new sectors.
The eldest, Naguib, established a telecommunications empire before divesting and turning to investments in gold mines.
Meanwhile, the middle child, Samih, directed investments into the tourism industry.
In 2007, Orascom made a significant move by selling its cement business to Lafarge in a €10.2 billion deal.
This transaction granted Sawiris a substantial stake in the French company along with two seats on its board.
However, the deal with Lafarge came with repercussions. It included assets such as a plant in Syria, which later led to substantial fines for Lafarge due to allegations of payments made to ISIS.
Additionally, Orascom held a stake in a North Korean state-owned cement plant.
Sawiris was closely involved in Lafarge’s subsequent merger with Swiss rival Holcim in 2015, creating the world’s largest cement company.
Despite initially being one of the largest shareholders in the merged entity LafargeHolcim, Sawiris divested his holdings in 2019.
This decision followed years of disappointment as the merger failed to deliver on its anticipated benefits.
Subsequently, Sawiris redirected his focus towards the fertilizer industry, with the remaining assets of OCI concentrating on the chemicals business.
One of the most consequential strategic business moves was launching Orascom Telecom Holding (OTH) in 1997, considered a bold entry into the telecommunications sector.
OTH would later emerge as a dominant player in the Middle East and Africa, pioneering innovations in mobile communications and broadband services.
It transformed into a global powerhouse with operations in multiple countries in Africa and the Middle East.
Buoyed by the success of OTH, Sawiris ventured into new areas, seizing opportunities in sectors such as chemicals, fertilizers, and technology.
Through a combination of strategic acquisitions and organic growth, he expanded his business empire, amassing a fortune that placed him among the wealthiest individuals in Africa.
And now, he wants to break the chemicals empire and put his capital into other things.
Whether he will succeed or not, is a matter of wait and see.
“It doesn’t have to be fertilizer, doesn’t have to be chemicals. If all of OCI is sold, the core team . . . know that we are serial entrepreneurs and we’re going to do something. We always say that we are builders, not holders. We build assets. But if this asset is worth more to another party than it’s worth in the context of OCI or the public company or of myself, then that is the more deserving owner.”
Sawiris said
OCI has been offloading part of its assets in the recent past.
In 2023, the board approved a decision for the company to explore options including asset sales to give shareholders better returns.
The company sold two fertilizer plants for $3.6 billion each to US firm Koch Industries and UAE state firm Abu Dhabi National Oil Company.
Philanthropy and Social Impact
Beyond the boardroom, Nassef Sawiris is renowned for his philanthropic commitments.
Deeply aware of the challenges facing Egypt and the wider world, he has leveraged his resources to invest in areas such as education, healthcare, and sustainable development.
The Sawiris Foundation for Social Development, established by Sawiris and his family, has been instrumental in funding initiatives aimed at empowering marginalized communities and fostering economic growth.
From building schools and hospitals to promoting environmental conservation, Sawiris’s philanthropic efforts have helped many vulnerable communities.
A private persona amidst public acclaim
Despite his towering stature in the world of business, Nassef Sawiris remains an intensely private individual, shunning the trappings of fame and celebrity.
Preferring to let his actions speak for themselves, he eschews the limelight, focusing instead on his family, his businesses, and his philanthropic work.
He is married to Sherine Magar, with whom they have four children.
Political entanglements
Given the inherently political nature of many sectors in which he operates, Sawiris has found himself navigating complex geopolitical landscapes, forging alliances with governments and power brokers to safeguard his business interests.
However, these alliances have not been without controversy, with critics accusing Sawiris of cozying up to authoritarian regimes and turning a blind eye to human rights abuses in pursuit of profit.
His close ties to the Egyptian government, in particular, have drawn scrutiny, raising questions about the ethical dimensions of his business dealings and the extent to which economic power translates into political influence.
