Nassef Sawiris Biography – Early Life Net Worth Education Awards

Nassef Sawiris Biography – Early Life Net Worth Education Awards

Nassef Onsi Sawiris, born on January 19, 1961, is an Egyptian billionaire businessman. He is the youngest of the three sons of Onsi Sawiris, alongside his brothers Naguib and Samih. As of October 2021, his approximate net worth was $8.7 billion, positioning him as the richest Egyptian and the fourth wealthiest person in Africa.

Early Life:

Nassef Sawiris completed his secondary education at the Deutsche Evangelische Oberschule Kairo. He then pursued his higher education at the University of Chicago, earning a bachelor’s degree in economics in 1982.

Career:

Sawiris’s career journey began in 1982 when he joined the Orascom group. He took charge of the construction activities of Orascom Construction after the management control transition from his father, Onsi Sawiris, in 1995. Following the incorporation of Orascom Construction Industries in 1998, he assumed the role of CEO. He also served on the board of Besix after OCI SAE acquired a 50% stake in the company in 2004 and was a member of the remuneration and nominations committee until 2017.

From 2004 to 2007, he held a position on the board of directors of the Cairo and Alexandria Stock Exchanges. Additionally, he served as a board director at the Dubai International Financial Exchange DIFX from July 2008 to June 2010.

In January 2013, he became the CEO of OCI NV when they acquired the former parent company, OCI SAE. In 2015, he was elected as a board member of LafargeHolcim, having previously served on Lafarge SA’s board since 2008.

In October 2015, reports emerged that Sawiris had acquired a stake in Adidas AG through his investment company, NNS Holding Sàrl Luxembourg. He was appointed supervisory director of Adidas AG in 2016, in Herzogenaurach, Germany.

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In October 2020, Sawiris established Avanti Acquisition Corp, a Special-purpose acquisition company. However, after failing to acquire another company, Avanti Acquisition was dissolved in October 2022.

Sports Ownership:

Sawiris has made substantial investments in sports team ownership, particularly in the field of association football. Alongside billionaire Wes Edens, Sawiris owns V Sports, a football club holding company that possesses a 46% stake in Primeira Liga team Vitória S.C. and the Premier League team Aston Villa. V Sports is also in discussions to create a Major League Soccer team in Las Vegas, with the name ‘Las Vegas Villains’ registered in American and European copyright. Additionally, as of March 2021, Sawiris owns a 6.3% stake in MSG Sports, which owns assets including the NBA team New York Knicks and NHL team New York Rangers.

Aston Villa:

In July 2018, Sawiris, along with Wes Edens, as part of the NSWE consortium, acquired a 55% controlling stake in English Championship club Aston Villa for £30 million. The club was facing significant financial challenges under the previous owner, Tony Xia, including an unpaid £4 million tax bill that posed the risk of a winding-up order by HMRC. Following the takeover, NSWE invested substantial funds to address these issues. Under their ownership, Aston Villa made a successful return to the Premier League, achieving a record-winning streak of 10 games. In August 2019, NSWE became the sole owner by purchasing the remaining shares previously held by Xia. They took on an unpaid £30 million debt owed by Xia to former owner Randy Lerner.

During their ownership, Sawiris and Edens have injected approximately £360 million in debt-free share capital into Aston Villa. Plans for expanding Villa Park, increasing its seating capacity from 42,682 to over 50,000, and creating a major retail venue are underway. The project, costing over £100 million, will be entirely funded by V Sports. In 2021, the NSWE holding company was rebranded as V Sports, with the intention of investing in other clubs worldwide using a multi-club model.

Vitória de Guimarães:

In February 2023, V Sports entered into an agreement to acquire a 46% stake worth €5 million in Portuguese Primeira Liga team Vitória S.C. As part of the agreement, V Sports pledged to invest an additional €2 million in sporting infrastructure within the next two years and provide a credit line of up to €20 million. The agreement was approved by Vitória’s members on March 4, 2023.

Other Activities:

Sawiris has been a member of the Board of Trustees at the University of Chicago since 2013. He also serves as a member of the Global Board of Advisors at the Council on Foreign Relations (CFR) and is a member of the International Leadership Board at the Cleveland Clinic.

Personal Life:

Nassef Sawiris is married to Sherine and has four children. He resides in Cairo and maintains a residence in New York City. He is a Coptic Christian.

Nassef Sawiris Biography – Early Life Net Worth Education Awards