Egypt, renowned for its history and culture, stands tall among the Arab region’s largest economies, securing the third spot on Forbes Middle East’s 2020 list with a projected GDP of $394.3 billion in 2021.
Despite facing challenges like a foreign currency shortage and inflation, Egypt houses influential billionaire personalities pivotal to the nation’s development.
Nairametrics explores the lives of the country’s six richest men, visionary entrepreneurs and seasoned magnates who have indelibly shaped Egypt’s economic landscape.
With determination and ingenuity, they exemplify the nation’s entrepreneurial spirit. From construction to telecom, their diverse ventures reflect Egypt’s potential for growth and prosperity.
Let’s meet the top six wealthiest men in Egypt.
1. Nassef Sawiris – $7.5B
Wealth Source: Construction, investments
Nassef Sawiris, an investor and the youngest of three sons of Egypt’s wealthiest family, holds a substantial 6% stake in sportswear giant Adidas.
He recently acquired a 5% stake in the New York-listed firm Madison Square Garden Sports, which owns the NBA’s Knicks and the NHL’s Rangers teams. Nassef Sawiris is also associated with OCI, one of the world’s largest nitrogen fertilizer producers, and Orascom Construction, an engineering and building firm.
2. Mohamed Mansour – $3.6B
Wealth Source: Diversified
Mohamed Mansour oversees the family conglomerate, Mansour Group, established in 1952 by his father Loutfy.
The group boasts an impressive workforce of 60,000 employees and has been instrumental in General Motors’ distribution in Egypt and other African countries. Mohamed Mansour, who holds Egyptian and U.K. citizenship, served as Egypt’s minister of transportation from 2006 to 2009.
3. Naguib Sawiris – $3.3B
Wealth Source: Telecom
Naguib Sawiris, another stalk of Egypt’s wealthiest family, made his fortune in the telecom industry, particularly with the sale of Orascom Telecom in 2011.
He currently chairs Orascom TMT Investments, which has stakes in various assets, including an Egyptian asset manager and Italian internet company Italiaonline. Through Media Globe Holdings, Sawiris owns a significant 88% stake in the pan-European pay TV and video news network Euronews.
4. Mohamed Al Fayed – $2.1B
Wealth Source: Retail, investments
Born in Alexandria, Egypt, Mohamed Al Fayed relocated to the U.K. in the mid-1960s, where he amassed his wealth.
He is renowned for his ownership of London’s iconic department store, Harrod’s, which he sold to Qatar in 2010. Al Fayed also owns the renowned Ritz Paris hotel, which underwent a remarkable four-year renovation before reopening in 2016.
5. Youssef Mansour – $1.5B
Wealth Source: Diversified
Youssef Mansour serves as the chairman of the family-owned conglomerate, Mansour Group, founded by his late father Loutfy.
The group is the exclusive distributor of GM vehicles and Caterpillar equipment in Egypt and several other countries. Youssef oversees the consumer goods division, including the supermarket chain Metro and the sole distribution rights for L’Oreal in Egypt.
6. Yasseen Mansour – $1.3B
Wealth Source: Diversified
Yasseen Mansour, like his brother Youssef, is involved in the Mansour Group, managing the distribution of GM vehicles and Caterpillar equipment across multiple countries. The group’s consumer goods division, which includes the Metro supermarket chain and L’Oreal distribution in Egypt, falls under his purview.
