The Richest Men in Egypt
by kalyani10
Onsi Sawaris
The grand old industrialist of Egypt, Onsi Sawaris is the third-richest person of the country after both his sons who figure in the top two rankings. A self-made billionaire with current net worth of $2.9 billion USD, Onsi Sawaris currently ranks 401 on the Forbes 2012 List of World Billionaires. The Egyptian government nationalized his first construction business in 1971.However the patriarch of the Sawaris fortune went on undeterred and eventually founded the mega business dynasty with a construction company but which went on to diversity into real estate and telecom. Onsi Sawiris now owns shares in Russian mobile operator Vimpelcom, following its acquisition of the family stake in Orascom Telecom in April 2011.
Mohammad Mansour
Mohammad Mansour is an Egyptian businessman with diversified interests and has a net worth of $1.7 billion as of March 2012 which ranks him on the 764th position in the Forbes list of 2012 billionaires. Mohamed Mansour and his brothers are the biggest sellers of GM vehicles in the world. Apart from Egypt, their Caterpillar business is spread across half the globe, including Africa, Russia and Iraq. Apart from this, Mohammad Mansour also owns shares in the country's second biggest real estate developer, Palm Hills; however that business was clouded by accusations of state land misappropriation in March but the charges have since been cleared. Among other business interests owned by Mohammad Mansour are the largest supermarket chain in Egypt as well as the Philip Morris franchise which is experiencing a big jump in sales of Marlboro cigarettes in his home country.
Yassen Mansour
The youngest of the three Mansour brothers, Yassen Mansour is currently worth $1.6 billion, enough to rank him at 804th position on Forbes 2012 list of billionaires. Yassen and his brothers are the largest shareholders in Palm Hills Developments - Egypt's second-biggest real estate developer – which in June was subject to police investigation on accusations of misappropriation of state land for business use. However Yassen like his brothers has since been cleared. Though he resigned as CEO in June, Yassen still remains chairman of the company. The majority of his fortune is tied up in the family business; it is the largest seller of GM vehicles in the world.
Yousouf Mansour
The oldest brother of the immensely wealthy Mansour family, Yousouf Mansour enjoys a net worth of $1.5 billion which is enough to rank him 854 on Forbes List of 2012 Billionaires. . Yousouf owes the bulk of his fortune to the family's business as the largest seller of GM vehicles in the world, as well as strong sales of Caterpillar machines. Even though he was primarily responsible for building Egypt's largest supermarket chain, Metro, now devotes time to the family foundation which targets illiteracy and education. Keen on keeping a low profile, this 67 year-old scion of the Mansour family lives in Cairo with his family which consists of five children.
Mohammad Al Fayed and family
Mohammad Al Fayed is a flamboyant Egyptian businessman, who is best known as the father of Dodi Al Fayed who died in a car crash along with Princess Diana in Paris in August 1997. A natural born salesman, Al Fayed is believed to have begun flogging homemade lemonade to his classmates during recess, a gift which went on to help him build a vast retail empire. Mohamed Al Fayed sold the famed Harrod's department store in London to Qatar Holding in 2010 for a reported $2.4 billion. Since then he has shifted his attention to online retail, buying U.K.-based discount fashion website Cocosa in July. Apart from these, he also owns the luxury Hotel Ritz in Paris, the Fulham football club, a castle in Scotland, and even has a ground lease on 75 Rockefeller Plaza in New York. All this is enough to total up his net worth to $1.3 billion and also grant him a ranking of 960th position on Forbes 2012 list of world billionaires.
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One of the earliest places in the world to have a highly developed civilization, Egypt is also blessed with wide-ranging natural resources. Little wonder then that many Egyptians have utilized the business opportunities in their land and are now among the billionaires of the world. Here is a brief account of the richest men in Egypt.$MM-DATING3-OPTIN$
Nassef Sawaris
As the richest individual of Egypt, Nassef Sawaris is estimated to be worth $5.1 billion USD according to Forbes list of 2012 billionaires1 on which he ranks at the 199th position. Real estate and construction is the source of his fortune which he inherited from his father Onsi Sawaris. Nassef Sawiris runs Orascom Construction Industries, Egypt's most valuable publicly-traded company which recently saw some fluctuations as a result of the recent political turbulence in Egypt. However it has been buoyed by a sizable loan as well as $50 million equity investment by the World Bank's IFC. Apart from his construction and fertilizer conglomerate Nassef also has major interests in cement giant Lafarge, and Texas Industries.
In the past year, Nassef has been looking to expand his interests – with this in mind, in December 2011, the company announced plans to split its construction and fertilizer businesses into two publicly traded companies in the first quarter of 2012. Nassef also increased his stake in the U.S-based cement producer Texas Industries December 2011, after the company ended an agreement that prevented Sawiris from acquiring more than 20% of TI. In October 2012, Sawiris hooked up with Brazilian billionaire Eike Batista's EBX Group to develop a nitrogen fertilizer plant in Brazil.
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Naguib Sawaris
Yet another scion of the wealthy Sawaris family of Egypt, Naguib is the eldest son of patriarch Onsi Sawaris and older brother of Nassef. Thanks to the inherited Sawaris fortune Naguib is the second richest person in Egypt with a net worth of $3.1 billion USD according to the 2012 Forbes List of Billionaires where he figures on the 367th position. Naguib Sawiris built Orascom Telecom, then sold the family's stake to Russian and emerging market telecom giant Vimpelcom in April for $6.5 billion in shares and cash, becoming one of Vimpelcom's largest shareholders in the process. He's still looking to reinvest in telecom. In January 2012, he reportedly bought 21% of Telekom Austria with Austrian investor Ronny Pecik. Currently he owns Wind Telecom, a mobile service provider with operations in Africa, South Asia, Europe, Canada and Middle East.
Married with four children, Naguib Sawaris resides in Cairo. He has also delved into Egyptian politics, forming the Free Egyptians party in April 2011 to promote free markets and a secular platform and even earned the wrath of conservative Muslim clerics in the process.
Onsi Sawaris
The grand old industrialist of Egypt, Onsi Sawaris is the third-richest person of the country after both his sons who figure in the top two rankings. A self-made billionaire with current net worth of $2.9 billion USD, Onsi Sawaris currently ranks 401 on the Forbes 2012 List of World Billionaires. The Egyptian government nationalized his first construction business in 1971.However the patriarch of the Sawaris fortune went on undeterred and eventually founded the mega business dynasty with a construction company but which went on to diversity into real estate and telecom. Onsi Sawiris now owns shares in Russian mobile operator Vimpelcom, following its acquisition of the family stake in Orascom Telecom in April 2011.
Mohammad Mansour
Mohammad Mansour is an Egyptian businessman with diversified interests and has a net worth of $1.7 billion as of March 2012 which ranks him on the 764th position in the Forbes list of 2012 billionaires. Mohamed Mansour and his brothers are the biggest sellers of GM vehicles in the world. Apart from Egypt, their Caterpillar business is spread across half the globe, including Africa, Russia and Iraq. Apart from this, Mohammad Mansour also owns shares in the country's second biggest real estate developer, Palm Hills; however that business was clouded by accusations of state land misappropriation in March but the charges have since been cleared. Among other business interests owned by Mohammad Mansour are the largest supermarket chain in Egypt as well as the Philip Morris franchise which is experiencing a big jump in sales of Marlboro cigarettes in his home country.
Yassen Mansour
The youngest of the three Mansour brothers, Yassen Mansour is currently worth $1.6 billion, enough to rank him at 804th position on Forbes 2012 list of billionaires. Yassen and his brothers are the largest shareholders in Palm Hills Developments - Egypt's second-biggest real estate developer – which in June was subject to police investigation on accusations of misappropriation of state land for business use. However Yassen like his brothers has since been cleared. Though he resigned as CEO in June, Yassen still remains chairman of the company. The majority of his fortune is tied up in the family business; it is the largest seller of GM vehicles in the world.
Yousouf Mansour
The oldest brother of the immensely wealthy Mansour family, Yousouf Mansour enjoys a net worth of $1.5 billion which is enough to rank him 854 on Forbes List of 2012 Billionaires. . Yousouf owes the bulk of his fortune to the family's business as the largest seller of GM vehicles in the world, as well as strong sales of Caterpillar machines. Even though he was primarily responsible for building Egypt's largest supermarket chain, Metro, now devotes time to the family foundation which targets illiteracy and education. Keen on keeping a low profile, this 67 year-old scion of the Mansour family lives in Cairo with his family which consists of five children.
Mohammad Al Fayed and family
Mohammad Al Fayed is a flamboyant Egyptian businessman, who is best known as the father of Dodi Al Fayed who died in a car crash along with Princess Diana in Paris in August 1997. A natural born salesman, Al Fayed is believed to have begun flogging homemade lemonade to his classmates during recess, a gift which went on to help him build a vast retail empire. Mohamed Al Fayed sold the famed Harrod's department store in London to Qatar Holding in 2010 for a reported $2.4 billion. Since then he has shifted his attention to online retail, buying U.K.-based discount fashion website Cocosa in July. Apart from these, he also owns the luxury Hotel Ritz in Paris, the Fulham football club, a castle in Scotland, and even has a ground lease on 75 Rockefeller Plaza in New York. All this is enough to total up his net worth to $1.3 billion and also grant him a ranking of 960th position on Forbes 2012 list of world billionaires.
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