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Naguib Sawiris

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Naguib Onsi Sawiris
نجيب انسى ساويرس
Naguib Sawiris, 2009
Born (1954-06-15) 15 June 1954 (age 70)
Cairo, Egypt[1]
Alma materETH Zurich
OccupationCEO Orascom Investment Holding S.A.E.
Known forOrascom Investment Holding S.A.E., Gemini Global Development Egypt (Gemini Egypt Holding)
SpouseGhada Gamil Sawiris
Children4
FatherOnsi Sawiris
RelativesNassef Sawiris and Samih Sawiris (brothers)

Naguib Onsi Sawiris (Arabic: نجيب انسى ساويرس [næˈɡiːb ˈʔonsi sæˈwiːɾɪs]; Coptic: Ⲛⲉⲅⲓⲃ Ⲟⲛⲥⲓ Ⲥⲉⲩⲏⲣⲟⲥ [sæˈwɪɾos]; born 15 June 1954) is an Egyptian businessman. Sawiris is chairman of Weather Investments's parent company, and the former chairman and CEO of Orascom Telecom Holding[2] and Orascom Investment Holding S.A.E.[3]

Early life

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Born on 15 June 1954, in Cairo, Egypt, to businessman Onsi Sawiris (founder of Orascom Group) and Yousriya Loza Sawiris, Naguib is the eldest of three brothers. His brothers, Nassef and Samih, are also billionaires.[4]

Education

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Naguib received a diploma from the German Evangelical School in Giza, as well as a diploma of mechanical engineering with a master's degree in technical administration from ETH Zurich.[citation needed]

Career

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Since joining Orascom, the family business in 1979, Sawiris has contributed to the growth and diversification of the company into what it is today one of Egypt's largest and most diversified conglomerates and the country's largest private sector employer. Sawiris built the railway, information technology, and telecommunications sectors of Orascom. Management decided to split Orascom into separate operating companies in the late 90s: Orascom Telecom Holding (OTH), Orascom Construction Industries (OCI), Orascom Hotels & Development and Orascom Technology Systems (OTS).[3] Orascom Telecom Holding was established in 1997, and then Orascom Telecom Media and Technologies, in 2011, until the recent rebranding as Orascom Investment Holding S.A.E. (OIH), of which he is the Managing Director and CEO.[3]

In August 2012, Sawiris was appointed chairman of La Mancha Holding.[5]

In 2014, Sawiris raised more than US$4 billion when he sold his stake in his telecommunications companies to Russian company Vimplecom.[6][7]

In early 2015, Sawiris bought a majority stake in the pan-European television channel Euronews. He remained as the main shareholder until beginning the process of selling his stake to Alpac Capital in December 2021.[8]

In September 2015, he offered to buy an island off Greece or Italy to help hundreds of thousands of refugees fleeing the Syrian conflict. However, he conceded the plan could face challenges in terms of jurisdictions and customs regulation.[9]

In May 2016, Sawiris sold his stake in the Egypt-based TV channel ONTV to Ahmed Abou Hashima.[10]

In December 2016, Sawiris resigned as the CEO of Orascom Telecom Media & Technology.[11]

The Ora Developers, formerly known as the Gemini Global Development, was launched in 2016.[12][13] The company owns a $2.5 billion global real estate portfolio comprising the Silver Sands mixed-use project in Grenada, Ayia Napa Marina in Cyprus, and the Eighteen luxury residential project in Islamabad, Pakistan.[14] In 2023, it was reported that Sawiris is considering an investment in Barrick Gold Corp.'s $7 billion Reko Diq copper-gold project in Pakistan.[15]

On 31 January, 2024, the Iraqi government announced the signing of a contract with Ora Developers to develop the largest residential city in Iraq named “Ali Al-Wardi City”. The planned new city, located approximately 25km southeast of Baghdad and spanning a total area of 61 million square meters, includes “120,000 different housing units along with green spaces, urban amenities, and smart city technology to apply cutting-edge standards in sustainability and environmental preservation.” The project is named after the Iraqi intellectual Ali Al-Wardi and aims to reduce population pressure on Baghdad.[16][17][18]

Gold and mining

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Sawiris made significant moves in the gold and mining sectors in recent years, primarily through his ownership of La Mancha, a mining investment firm. His ventures focus on gold exploration and mining, with a particular emphasis on expanding operations in Africa and other global markets. Sawiris has been involved in acquiring and financing mining assets, aiming to capitalize on the rising value of gold. His company has also made strategic investments in gold exploration projects in countries like Canada and Côte d'Ivoire.[19][20]

Djezzy

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In the early 2000s, Sawiris's Orascom Telecom purchased a majority share in Algerian mobile network operator Djezzy. The company grew fast and became Orascom’s most profitable subsidiary and one of Algeria’s leading mobile service providers.[21]

In 2008, the Algerian government declared its intention to increase its stake in Djezzy and take greater control over the telecommunications sector. Sawiris saw this as a direct challenge to his ownership and a violation of the agreement under which Orascom had invested in Algeria. Two years later, in 2010, Russian company VimpelCom (now VEON) acquired Orascom and merged with it for $6.4 billion. In 2012, Sawiris filed a lawsuit against the Algerian government at the International Centre for the Settlement of Investment Disputes (ICSID), claiming $4 billion in damages. He argued that the government had waged a campaign of interference and harassment, ultimately forcing him to sell the company for a much lower price through the merger with VimpelCom. The dispute came to an end in 2014 when VimpelCom agreed to sell a 51% stake in Djezzy to the Algerian National Investment Fund (FNI) for $2.64 billion. In 2017, however, the ICSID ruled in favor of the Algerian government, dismissing Sawiris's $4 billion claim.[22][23][24]

Personal life

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Sawiris is married and has four children.[6] He lives in Cairo. He speaks Arabic, English, German and French.[25][better source needed]

As of 2024 Sawiris was listed in Forbes magazine as the 5th richest person in Africa, with a personal wealth of $7.6 billion.[26]

Sawiris is Coptic Christian.[27]

References

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  1. ^ Neal, Mark (16 May 2019). A Dictionary of Business and Management in the Middle East and North Africa. Oxford University Press. ISBN 978-0-19-252755-4.
  2. ^ "Naguib Sawiris eyes 51% of state-owned gold mining company". Egypt Independent. 23 February 2020. Retrieved 28 June 2020.
  3. ^ a b c "About - Orascom Investment Holding". orascomih.com. Retrieved 14 February 2021.
  4. ^ Graham, Emma (6 May 2020). "Egyptian billionaire Naguib Sawiris sees oil at $100 in 18 months, says he would buy airlines". CNBC. Retrieved 28 June 2020.
  5. ^ "Home". lamancha.com. Retrieved 14 February 2021.
  6. ^ a b "Bloomberg Billionaires Index - Naguib Sawiris". Bloomberg.com.
  7. ^ "Russia and Egypt telecom firms in $6.6bn deal". BBC News. 5 October 2010. Retrieved 8 May 2022.
  8. ^ "Egyptian billionaire Sawiris to sell stake in Euronews to Portugal's Alpac Capital". The National. 18 December 2021. Retrieved 21 December 2021.
  9. ^ "Egypt billionare [sic] offers to buy island for refugees, wants to name it 'Independence' | Latest News & Updates at Daily News & Analysis". 4 September 2015. Retrieved 4 September 2015.
  10. ^ "Egyptian businessman Abu Hashima acquires ONTV from tycoon Sawiris". Ahram.
  11. ^ "Egyptian businessman Naguib Sawiris resigns as CEO of Orascom Telecom Media & Technology - Economy - Business". Ahram Online. Retrieved 29 January 2022.
  12. ^ "Eighteen Islamabad". Invest in Pakistan. 30 June 2018. Retrieved 15 February 2023.
  13. ^ "Geminiegypt-holding". Geminiegypt-holding. Retrieved 15 February 2023.
  14. ^ "Sawiris Rebrands Property Firm with Plans for USD 2 bn Projects - INVEST-GATE". invest-gate.me. 4 October 2018.
  15. ^ "Gold Billionaire Sawiris Eyes Stake in $7 Billion Reko Diq Mine". Bloomberg.com. 16 October 2023. Retrieved 2 November 2023.
  16. ^ "Iraqi government signs largest city contract with Egyptian billionaire Sawiris". IraqiNews.
  17. ^ "Iraq Signs Deal With Sawiris' ORA Development To Build New Residential City To Ease Pressure On Baghdad". Forbes Middle East.
  18. ^ "ORA Developers enters the Iraqi Market with its latest and largest development "Ali El Wardy" the largest residential city in Baghdad, Iraq". Ora Developers.
  19. ^ "La Mancha Resource Capital is open to new investment in Africa". theafricareport.com. 22 January 2024.
  20. ^ "Endeavour-La Mancha : le rêve doré de Naguib Sawiris en Afrique". JeuneAfrique.com (in French). Retrieved 23 November 2024.
  21. ^ "Orascom Telecom Algeria SPA - AGE (African Growing Enterprises) File". Institute of Developing Economies. Retrieved 23 November 2024.
  22. ^ Mizner, Andrew. "ALB - African Law and Business". ALB Legal and Business Issues from Africa. Retrieved 25 August 2024.
  23. ^ "Sawiris mounts new legal challenge against Algerian govt in expropriation case over Djezzy". www.telecompaper.com. Retrieved 23 November 2024.
  24. ^ "Russia's VimpelCom Sells 51% Stake in Algeria's Djezzy Ending Long Dispute". WSJ.
  25. ^ "Naguib Sawiris: 5 Fast Facts You Need to Know". Heavy. Retrieved 5 October 2023.
  26. ^ "Naguib Sawiris". Forbes. Retrieved 29 September 2024.
  27. ^ "Naguib Sawiris: 'If God wanted women to be veiled, he would have created them with a veil' - Arabianbusiness". Archived from the original on 11 November 2019.
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