Nassef Sawiris, Egypt’s richest man joins movement of billionaires to the United Arab Emirates.
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Nassef Sawiris
Nassef Sawiris, Egypt’s richest man joins movement of billionaires to the United Arab Emirates.
By Naomisophyblog
Nassef Sawiris is following in the footsteps of other well-known investors who have established businesses in the sun-drenched emirate by relocating his family office to Abu Dhabi.
Subject to regulatory permission, Bloomberg reports that the Egyptian billionaire plans to re-domicile NNS Group in the international financial hub of the city-state, Abu Dhabi Global Market.
From there, the company stated, NNS Group seeks to acquire sizeable shares in a small number of businesses, mostly in North America, Europe, and the Middle East.
With a net worth of roughly $7.6 billion, Sawiris is the richest individual in Egypt, according to the Bloomberg Billionaires Index. He owns shares in both the English soccer team Aston Villa and the German athletic products manufacturer Adidas AG.
Sawiris’ action highlights his support of Abu Dhabi, an emirate that manages wealth funds with over $1 trillion in assets. In late 2021, Sawiris’s joint fertilizer venture with Abu Dhabi National Oil Co. was listed in the emirate by Dutch chemical firm OCI NV, of whom Sawiris is chairman. It also occurs at the same time as the United Arab Emirates is luring big-name investors, including Alan Howard and Ray Dalio, to open offices in the nation’s capital.
In a statement, Sawiris said, “I am delighted to announce our long-term commitment to the UAE and ADGM in particular.” “NNS believes that moving its core operations to the UAE will help to further develop and grow its portfolio and core activities, given the UAE’s significance to the global financial ecosystem.”
After the re-domiciliation, Sawiris will remain the executive chairman of NNS Group.
Know this:
Attracted by the region’s robust economic growth, an increasing number of investment businesses and big-money players are swarming to Abu Dhabi’s burgeoning financial sector.
As part of a larger Middle East development strategy, billionaire Ray Dalio, the founder of Bridgewater Associates, the largest hedge fund in the world, announced intentions in April to open a branch of his family office in Abu Dhabi Global Market (ADGM). Dalio and the UAE have had a 30-year partnership, which is strengthened by this development.
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Following suit, the family office of tech entrepreneur Christian Angermayer and TCI Fund Management, a $60 billion investment firm run by billionaire hedge fund manager Sir Christopher Hohn, selected ADGM as their operational base, indicating a deliberate effort to grow their companies in the Middle East.According to the company, TCI’s location in Abu Dhabi gives it a strategic edge for expanding its efforts to support climate action inside the private financial sector and forging significant relationships around the region.
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