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Sunday, February 25, 2024

Egypt’s richest man joins billionaire migration to Abu Dhabi –

Nassef Sawiris is moving his family office to Abu Dhabi, joining a wave of prominent investors that have set up operations in the sun-splashed emirate.

The Egyptian billionaire intends to re-domicile NNS Group in Abu Dhabi Global Market, the city-state’s international financial center, subject to regulatory approval. From there, NNS Group aims to build significant stakes in a concentrated number of companies, primarily in Europe, the Middle East and North America, the firm said.

Sawiris is Egypt’s wealthiest man, with a net worth of about $7.6 billion, according to the Bloomberg Billionaires Index. He has invested in German sporting-goods maker Adidas AG as well as English soccer club Aston Villa.

The move by Sawiris underscores his embrace of Abu Dhabi, an emirate with wealth funds overseeing more than $1 trillion. Dutch chemical producer OCI NV, where Sawiris is chairman, listed its joint fertilizer venture with Abu Dhabi National Oil Co. in the emirate in late 2021. It also comes as the United Arab Emirates lures investing titans from Ray Dalio to Alan Howard to set up offices in the capital city.

“I am delighted to announce our long-term commitment to the UAE and ADGM in particular,” Sawiris said in a statement. “The importance of the UAE to the worldwide financial ecosystem makes NNS believe the transition of its key activities to the UAE will contribute to the further development and growth of its portfolio and core activities.”

Sawiris will continue to be executive chairman of NNS Group following the re-domiciliation.

Source: bloomberg.com

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