Nassef Sawiris, Egypt’s wealthiest man, has seen a substantial increase in his net worth by $912 million year-to-date in 2024-according to the Bloomberg Billionaire Index. 

Under Sawiris’ leadership, OCI has undergone significant transformation, making the company more agile and focused on strategic growth. 

The company’s shares have risen about 8% in 2024, giving it a market value of €6 billion, while Methanex’s stock, publicly traded in Toronto and on Nasdaq, has seen a 10% drop in the same period, with a market capitalization of approximately $3 billion. 

Leading OCI, a global chemical and fertilizer company, Sawiris has been instrumental in its major asset divestment strategy, which has raised $11.6 billion in sale proceeds. 

The latest of these transactions occurred in September 2024, when OCI agreed to sell its global methanol business to Methanex, a publicly traded company, for about $2 billion. The deal consists of $1.15 billion in cash and the rest in Methanex shares, making OCI the second-largest shareholder in Methanex with a 13% stake. 

The divestment strategy, supported by activist investor Jeff Ubben, who holds a 5% stake in OCI, aims to boost shareholder returns and streamline the company’s focus. 

Proceeds from the sales are being used to reduce debt and return capital to investors. OCI announced plans to distribute at least $3 billion to shareholders in 2024, as it seeks to enhance its capital allocation framework. Sawiris has hinted that OCI could evolve into a cash-shell company, seeking new acquisitions in emerging industries. 

In addition to his leadership of OCI, Sawiris’ personal wealth and influence span multiple industries, including his ownership stake in the English football club Aston Villa and investments in various sectors like construction, sports, and materials. His wealth growth, paired with the strategic transformation of OCI, reaffirms his position as a dominant figure in global business and finance. 

What to know 

Nassef Sawiris, born on January 19, 1961, in Cairo, Egypt, is the country’s richest man and one of the most prominent business figures globally. 

He is the youngest son of Yousiriyya and Onsi Sawiris, the founder of the Sawiris family’s business empire, Orascom Construction. 

After Egypt nationalized his father’s company in 1961, the Sawiris family temporarily relocated to Libya before returning to Egypt. 

Nassef attended high school at the German International School in Cairo and later earned a degree in economics from the University of Chicago in 1982. 

Sawiris joined the family business, Orascom Construction Industries (OCI), which had grown into one of Egypt’s largest private construction companies by the mid-1990s. In 1998, he became the CEO of OCI, taking over leadership from his father. 

Under his guidance, the company expanded internationally and diversified into new sectors, such as cement and building materials. 

In 2008, Sawiris sold OCI’s cement division to French multinational Lafarge for $12.8 billion, marking one of the most significant deals in the construction industry. 

After selling the cement business, Sawiris shifted OCI’s focus to the fertilizer industry. 

Through acquisitions and expansion, OCI became one of the world’s leading nitrogen-based fertilizer producers. In 2013, Sawiris moved OCI’s listing from the Cairo Stock Exchange to the NYSE Euronext Amsterdam, helping mitigate risks associated with the Egyptian market. 

This move also reduced the company’s borrowing costs and positioned it for future growth. In 2015, OCI’s construction business was spun off into a separate entity listed on the Dubai and Cairo stock exchanges.