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These are the world's richest Arabs

Middle East News
Wed, 13 Apr 2016
GDN Online Desk
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Middle East News: These are the world's richest Arabs
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(Reuters)

5) NASSEF SAWIRIS

Net Worth: $3.7 Billion

Age: 55

Source of wealth: Construction, chemicals; inherited and growing

Country of Citizenship: Egypt

Egypt's richest businessman, Nassef Sawiris, partnered with Abu Dhabi's International Petroleum Investment Co. in November 2014 to develop a coal-based power plant in Egypt. His company OCI, which decamped from the Egyptian stock market during Mohamed Morsi's Islamist regime in 2013, formally split in February 2015. Its construction arm, Orascom Construction, now trades on Egypt's exchange and Nasdaq Dubai; while OCI, the fertilizer and chemicals business, trades on Euronext Amsterdam. Sawiris also owns nearly 5% of LafargeHolcim, making him one of the largest shareholders. The two cement giants merged in July 2015. In October, he emerged as the biggest individual shareholder in Adidas with a 6% stake worth more than $1 billion.


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