Egyptian billionaire Nassef Sawiris has seen a significant increase of $912 million in his net worth in 2024, according to the Bloomberg Billionaires Index.
As the leader of Orascom Construction Industries (OCI), a global chemical and fertilizer company, Sawiris has been instrumental in transforming the company into a more agile and strategic growth-oriented business.
Under Sawiris’ leadership, the company’s shares rose by 8% in 2024, a market value of €6 billion. His key role in executing OCI’s asset sale strategy resulted in $11.6 billion in sales. The latest deal involves the sale of OCI’s global methanol business to Methanex for about $2 billion, comprising $1.15 billion in cash and the remainder in Methanex shares.
This transaction makes OCI the second-largest shareholder in Methanex, with a 13% stake, and is its fourth major sale as part of a corporate breakup plan following a strategic review in 2023.
The divestment strategy, supported by activist investor Jeff Ubben, who holds a 5% stake in OCI, aims to boost shareholder returns and streamline OCI’s focus. Proceeds from the sales are being used to reduce debt and return capital to investors. As part of its efforts to improve its capital allocation framework, OCI has disclosed plans to give at least $3 billion to shareholders in 2024.
Born on January 19, 1961, Nassef Sawiris is the richest man in Egypt and a prominent business figure globally. He joined the family business, OCI, which expanded internationally and diversified into cement and building materials.
In 2008, Sawiris sold OCI’s cement division to French multinational Lafarge for $12.8 billion, after which OCI shifted its focus to the fertilizer industry, becoming one of the world’s leading nitrogen-based fertilizer producers.
Sawiris’ personal wealth and influence extend beyond OCI, with his ownership stake in the English football club Aston Villa and investments in various sectors such as construction, sports, and materials.
