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Egyptian billionaire moves family office to Abu Dhabi

REUTERS/Brendan McDermid
Nassef Sawiris, seen here at Sun Valley Idaho, US, is moving his family office to Abu Dhabi

Egyptian billionaire Nassef Sawiris is moving his family office to Abu Dhabi, as global investors choose the emirate as a key hub for their operations, Bloomberg reported.

Sawiris intends to re-domicile NNS Group in the Abu Dhabi Global Market (ADGM), an international financial centre, subject to regulatory approval, Bloomberg reported.

Sawiris, Egypt’s wealthiest man, has a net worth of about $7.6 billion, according to the Bloomberg Billionaires Index.

“The importance of the UAE to the worldwide financial ecosystem makes NNS believe the transition of its key activities to the UAE will contribute to the further development and growth of its portfolio and core activities,” the report quoted Sawiris as saying.

Sawiris will continue to be executive chairman of NNS Group following the re-domiciliation.

His investment portfolio includes Germany’s Adidas AG and English soccer club Aston Villa.

Dutch chemical producer OCI NV, chaired by Sawiris, listed its joint fertiliser venture with Abu Dhabi National Oil Company in the emirate in late 2021.

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