Naguib Sawiris: My investments in Egypt exceeded one billion dollars and this is the reason for preferring gold mines

Egyptian billionaire Nassef Sawiris announced the transfer of his family investment office, NNS, to Abu Dhabi, joining a group of prominent investors who have established their businesses in the emirate.

Sawiris said: “I am pleased to announce our long-term commitment to the Emirates and the Abu Dhabi Global Market. The importance of the Emirates to the global financial system makes NNS believe that transferring its main activities to the Emirates will contribute to the continued development and growth of its portfolio and core activities".

Egyptian billionaire businessman Naguib Sawiris said today, Wednesday, November 6, 2023, that his investments in Egypt away from the family currently exceed one billion dollars.

Extracting gold from mines

Naguib Sawiris, Chairman of the Board of Directors of Orascom Investment Holding, explained that he intends to expand the extraction of gold from mines and pump more investments into the mining and gold exploration sector, noting that it is the best investment at the present time.

Naguib Sawiris projects

Naguib Sawiris indicated that he intends to start real estate projects in New Cairo and the North Coast and that full details will be announced next year.

Naguib Sawiris stated that the Sawiris family is the largest employer and the largest taxpayer in Egypt, and its companies provide more than 100,000 jobs.

Nassef Sawiris moves his office to the Emirates

Naguib Sawiris added that despite the obstacles facing the Sawiris family’s companies in Egypt, we will not stop opening new job opportunities, saying: “I cannot live in any place other than Egypt.”

Naguib Sawiris explained that what Nassef Sawiris did by moving his business headquarters to Dubai in the Emirates does not mean that he closed his investments in Egypt, but all he did was move his wealth management office from London to Dubai in light of the incentives the country provides to investors.

Yesterday, Egyptian billionaire Nassef Sawiris announced the transfer of the Family Investment Office “NNS” to Abu Dhabi, joining a group of prominent investors who have established their businesses in the emirate.

Nassef Sawiris said: “I am pleased to announce our long-term commitment to the UAE and the Abu Dhabi Global Market. The importance of the UAE to the global financial system makes NNS believe that transferring its main activities to the UAE will contribute to the continued development and growth of its portfolio and core activities".

Nassef Sawiris moves his group's office to Abu Dhabi

Sawiris is considered the richest man in Egypt, with a net worth of about $7.6 billion, according to the Bloomberg Billionaires Index. He has investments in the German sportswear company Adidas and in the English football club Aston Villa.

The move taken by Sawiris confirms his conviction in Abu Dhabi, the emirate that has wealth funds overseeing more than a trillion dollars.

The Dutch chemicals company OCI, where Sawiris serves as Chairman of the Board of Directors, listed its joint fertilizer project with Abu Dhabi National Oil Company (ADNOC) in the emirate in late 2021.

The move also comes as the UAE attracts investment giants, from Ray Dalio to Alan Howard, to set up offices in its capital.