Who is Naquib Sawiris?
Naquib Sawiris is an Egyptian billionaire. Until 2011 he was Chairman at Wind Telecom, then known as Orascom Telecom. He was born in 1954. He is married to Ghada Sawiris, they have 4 children. He is the owner of the yacht Yalla.
Richest Family in Egypt
The Sawiris family is the richest family in Egypt. With Onsi and his three sons Naguib, Samih and Nassef each being billionaires.
The Sawiris family has been active in the construction industry since 1950. When Onsi Sawiris first founded a construction company.
In 1976, Onsi Sawiris founded Orascom Onsi Sawiris & Co as a general contracting and trading company. By the early 1990s, Orascom had established itself as a well-known contractor. It is active in the private sector, building materials, and construction.
Members of the Sawiris Family also established several building materials manufacturing companies in Egypt. In early 1998, the Sawiris Family consolidated their holdings. They turned their companies into diversified construction enterprises.
In March 1998, Orascom was converted from a limited partnership into a joint-stock company. And is was renamed Orascom Construction Industries S.A.E.
The Orascom Group
The Orascom Group currently exists of three major businesses. Orascom Telecom Holding, Orascom Construction Industries, and Orascom Development.
Naquib is responsible for Telecom. Nassef for Construction and Samih is chairman at Orascom Development.
The family sold a majority share in the telecom business to Vimpelcom for US$ 6.6 billion. Since then the company is named Global Telecom Holding.
Orascom Construction Industries S.A.E is an international nitrogen fertilizer producer and construction contractor. With projects and investments across the world. The company is stock-listed in Amsterdam. The Siwaris family still holds approx. 55% of the shares.
Yalla Horse Stables
Orascom Development is a developer of hotels, villas, golf courses, and marinas. Orascom Development owns more than 30 hotels and 8 resorts, such as El Gouna in Egypt.
Part of El Gouna is Yalla Horse Stables. The yacht Yalla is probably named after his resort.
Naquib Sawiris Net Worth
Forbes estimates the combined net worth of the Sawiris family at $11.6 billion. The net worth of Naguib is estimated at $3 billion.
In June 2014 Nassef Sawiris purchased New York’s most expensive penthouse at 960 Fifth Avenue for US$ 70 million.
Island for Immigrants
In early September 2015, Sawiris offered to buy an island off Greece or Italy. And develop it to help hundreds of thousands of people fleeing from Syria and other countries at war.
His message on Twitter.: “Greece or Italy sell me an island, I’ll call its independence and host the migrants and provide jobs for them building their new country.”
Sawiris said an island off Greece or Italy could cost between US$10 million and US$100 million. But added the “main thing is an investment in infrastructure. There would be temporary shelters to house the people. Then you start employing the people to build housing, schools, universities, and hospitals.
“And if things improve, whoever wants to go back (to their homeland) goes back,” said Sawiris.
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