Egypt’s Richest Men in 2013

[DJKeefy]

In the Forbes-list of the world’s richest people, Egypt was represented 13 times, with 7 billionaires that are mainly from the Sawiris and Mansour families, while six of its millionaires made it to the list.

According to Forbes’s world’s richest billionaires, in which Carlos Slim Helú came on the top with a fortune worth $73bn, Nassef Sawiris was the richest Egyptian, and ranked fifth on the whole list, with a net worth of $6.5bn ($4.75bn in 2011). Nassef runs Orascom Construction Industries, Egypt’s most valuable publicly-traded company, which was founded by his father Onsi.

The construction and fertiliser company’s shares fell almost one-third during the protests leading up to President Hosni Mubarak’s resignation in February 2011. They later rallied to pre-revolution levels, but recently slipped again, due to the travel ban that was placed on Sawiris and his father. Sawiris is the 4th richest man in Africa and also owns big stakes in cement giant Lafarge and Texas Industries.

Nassef’s eldest brother, Naguib, with a net worth of $2.5bn ($2.9bn in 2011), built Orascom Telecom, then sold the family’s stake to Russian and emerging market telecom giant VimpelCom in April for $6.5bn in shares and cash, becoming one of VimpelCom’s largest shareholders in the process. Naguib is Africa’s 9th richest man and also delved into politics, forming the Free Egyptians party in April 2011 to promote free markets and a secular platform. He came in 13th on the Arab world’s richest men for 2013.

Africa’s 10th richest man, Mohamed Mansour, and the Arab world’s eighteenth riches man, with a net worth of $2.2bn in 2013 ($1.7bn in 2011) is the biggest seller of GM vehicles in the world, along with his brother. Strong sales in their Caterpillar business throughout Africa, Russia and Iraq are making up for a slump in Egypt. Other interests include the largest supermarket chain in Egypt (Metro), and the Philip Morris franchise. According to state-run Al-Ahram Online, Metro received an offer from Majid Al-Futtaim Group for up to $300m.

The Father of Naguib and Nassef Sawiris, Onsi, with a net worth of 2bn ($2.6 bn in 2011), is the patriarch of Egypt’s wealthiest family and shares the fourth and fifth rank with Yasseen Mansour on the list of Egypt’s richest. They both tie in 22nd place in the Arab world’s richest listing. The Egyptian government nationalised his first construction business in 1971. Undeterred, he rebuilt what became Orascom Construction Industries which Nassef took over in 1995, while his other son Samih went into hotels and real estate. Onsi now owns shares in Russian mobile operator VimpelCom, following its acquisition of the family stake in Orascom Telecom in April 2011.

Yasseen Mansour, with a net worth of $2bn ($1.55bn in 2011), is the youngest of Egypt’s three Mansour brothers. He was put on the Interpol list on fraud charges in 2011, but was removed after being cleared of corruption charges over the misappropriation of state land for Palm Hills Developments. Yasseen, his brothers and cousin, the former housing minister who was also accused, but cleared on Palm Hills, are the largest shareholders in the company—Egypt’s second-biggest real estate developer. Yasseen resigned as CEO in June, but remains chairman. The majority of his fortune is tied up in the family business.

Youssef Mansour, is the twenty-fourth riches Arab, with a net worth of $1.95bn ($1.55bn in 2011). He is the older brother of Egyptian billionaire businessmen Mohamed and Yasseen and keeps a low profile. His assets, especially in publicly traded real estate development company Palm Hills Developments, took a hit with the Egyptian uprising early in 2011. Youssef is responsible for building Egypt’s largest supermarket chain, Metro, but now devotes time to the family foundation which targets illiteracy and education. The bulk of his fortune comes from the family’s business as the largest seller of GM vehicles in the world, and strong sales of Caterpillar machines.

As for Egypt’s most prominent millionaires, Forbes Middle East named Raouf Ghabbour, Chairman of the Board of Directors, CEO and Founder of Ghabbour Auto with an estimated wealth of $167.4m, as the 72nd richest in the Arab world. In the seventy-ninth position was Sadek Sewedy, the chairman of ElSewedy Industries Group whose fortunes are estimated to be about $149m.

Ahmed Sewedy, chief executive chief and managing director of ElSewedy Electro-meter shared the 79th rank with Sadek Al-Swedey with an estimated wealth of $149m.

Soliman Abdel Mohsen, shareholder in multiple companies such as Citadel Capital, 6 October for Development and Investment and GB Auto, has an estimated fortune of about $136.7m, placing him as the Arab world’s eighty-seventh richest businessman.

Founder of Oriental Weavers and owner of a fortune of about $116.1m, Mohamed Farid Khamis, was ranked by Forbes as the Arab world’s ninety-fourth richest. Mohamed Ebeid ElMella, shareholder in multiple companies such as Unikai, United Foods, Dubai Insurance, Dubai Development and others,has an estimated wealth of $115.4m.

Mohamed Sewedy, vice chairman & managing director of ElSewedy Group, camein 97th in Forbes’ Arab richest men, with an estimated wealth of $110.2m

Source: http://www.dailynewsegypt.com/2013/08/0 ... n-in-2013/

[BENNU]

I'm in love!

[HEPZIBAH]

I'm in love!

Ha ha haa...I was just about to ask if any of them were looking for a wife who'd like to be kept in a manner to which she's not accustomed but would be prepared to try!

[BENNU]

I'm in love!

Ha ha haa...I was just about to ask if any of them were looking for a wife who'd like to be kept in a manner to which she's not accustomed but would be prepared to try!

I just want to divorce them.

[HEPZIBAH]

I'm in love!

Ha ha haa...I was just about to ask if any of them were looking for a wife who'd like to be kept in a manner to which she's not accustomed but would be prepared to try!

I just want to divorce them.

Nothing wrong in having goals and ambition!

[LovelyLadyLux]

Just realized I could be bought

[Hafiz]

Strange list. You would think that some of them would have businesses which exported, that is if they had anything worth exporting. Instead some or all make their money in Egypt. None seem to have overseas businesses (ignoring North Korea). Wonder why?

Everyone knows that the previous regime was corrupt beyond belief. Kleptocracy comes to mind. Many of the kleptocrats made their money in areas where government approvals were necessary. Saves having to work for it. Telecoms and real estate come to mind as industries which rely on easily bought government approvals. Few have overseas businesses probably because their skills (read contacts and approvals) don't work well on the international stage.

The GM and Caterpillar franchises are interesting. If you were GM or Caterpillar operating in the third world you would want a partner who was connected and, in the case of GM local assembly and sales, I thought that the army were partners in this. A local partner in a dictatorship also means you will not have problems with the 'courts'. Double connectedness (army and billionaires) in this case. Possibly the same for the Phillip Morris franchise.

The Russian connections with these billionaires is what it seems. Crooks dealing with crooks.

The Egyptian press continues to cover itself in glory by failing to mention that many of the super rich left the country after the revolution or after Morsi's election and remain overseas. Don't think that Sawaris has a 'travel ban' on him, thought he was in 'exile' and last reported on his yacht off Mykonos. Wonder why none of this reported?

Has no-one wondered why there is only small investment in Egypt by major multinationals. I suspect that they know they will face the same problems as in Russia - you have to take a local partner to get protection or its better to stay out of the local market altogether.

The pity in all this is that a country like Egypt needs to export to stay alive and to offer employment. None of these billionaires seem to be interested in exports and none of them are involved in innovation or new businesses. They fish in a pond of their own construction.

In the case of the behemoth Osracom it has very recently been taken over by a related Dutch company, probably to protect it from seizure, although its hard to tell.

These people offer a 'domestic partnership' and pursue get rich quick businesses (real estate and franchises) and are typical of the parasitic relationships with dictatorships where contacts are more important than energy, creativity and enterprise. Several generations of Egyptian business leaders have probably done business this way which means that few of them will do well in a properly run free market. They probably know this.

Its probably also relevant that wealth is held by families who majority own their companies. These aren't normal companies accountable to share holders and operating in normal business ways. They are personal businesses exercising personal and secret power to the benefit of the family in countries where personal power carries weight. Think Rupert Murdoch.