Egypt’s richest man joins trending billionaire migration to UAE

Nassef Sawiris, Egypt’s richest man is relocating his family office to Abu Dhabi, joining a trend among notable investors establishing their operations in the sun-splashed emirate.

Bloomberg reported that the Egyptian billionaire intends to re-domicile NNS Group in the Abu Dhabi Global Market, the city-state’s international financial centre, subject to regulatory approval.

According to the firm’s statement, NNS Group intends to acquire substantial holdings in a select number of companies, with a primary focus on Europe, the Middle East, and North America

Sawiris is Egypt’s wealthiest man, with a net worth of about $7.6 billion, according to the Bloomberg Billionaires Index. Aged 62, his substantial stake in sportswear giant Adidas and ownership of OCI, one of the world’s largest nitrogen fertiliser producers, underline his prowess in the investment domain. Moreover, his ventures extend into the sports world with the purchase of Premier League’s Aston Villa Football Club.

Source: BI