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Nassef Sawiris

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Nassef Sawiris
ناصف ساويرس
Born (1961-01-19) 19 January 1961 (age 63)
Aswan, Egypt[1]
EducationDeutsche Evangelische Oberschule
Alma materUniversity of Chicago
OccupationBusinessman
TitleExecutive Chairman, OCI Global
Chairman, Aston Villa F.C.
SpouseSherine Sawiris
Children4
ParentOnsi Sawiris
RelativesNaguib Sawiris and Samih Sawiris (brothers)

Nassef Onsi Sawiris (Arabic: ناصف أنسي ساويرس; born 19 January 1961) is an Egyptian businessman, and the youngest of Onsi Sawiris' three sons (his brothers are Naguib and Samih). As of October 2021, his net worth was estimated at US$8.7 billion,[2] making him the richest Egyptian.[3]

Early life

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Nassef Sawiris received his secondary education from the Deutsche Evangelische Oberschule Kairo.[citation needed] He then continued at University of Chicago where he received a bachelor's degree in economics in 1982.[2]

Career

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Sawiris joined the Orascom group in 1982 and oversaw the construction activities of Orascom Construction following the transfer of management control from his father Onsi Sawiris in 1995. He became CEO of Orascom Construction Industries following the company's incorporation in 1998.[4] He served on the board of Besix, following OCI SAE acquiring a 50% stake in the company in 2004, and a member of the remuneration and nominations committee until 2017.[5]

He was on the board of directors of the Cairo and Alexandria Stock Exchanges from 2004 to 2007, and was also a board director at the Dubai International Financial Exchange DIFX from July 2008[6] to June 2010.[7]

In January 2013, he became CEO of OCI NV[8] when they acquired the former parent company OCI SAE.[9] In 2015, he was elected a board member of LafargeHolcim,[10] having served on Lafarge SA's board since 2008.

In October 2015, it was reported that Sawiris had acquired a stake in Adidas AG[11] via his investment company NNS Holding Sàrl Luxembourg.[12] In 2016 he was appointed supervisory director of Adidas AG, Herzogenaurach, Germany.[13][14]

In October 2020, Sawiris founded Avanti Acquisition Corp, a Special-purpose acquisition company.[15] However, after failing to acquire another company, Avanti Acquisition was wound up in October 2022.[16]

Sports ownership

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See also: V Sports

Sawiris has invested heavily in the ownership of sports teams, particularly within association football. Alongside billionaire Wes Edens, Sawiris owns the football club holding company V Sports: who own Premier League team Aston Villa and a 29% stake in Primeira Liga team Vitória S.C.[17]

As of March 2021, Sawiris also owns a 6.3% stake in American company MSG Sports: whose assets include the NBA team New York Knicks and NHL team New York Rangers.[18]

Aston Villa

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In July 2018, a consortium consisting of Sawiris and fellow billionaire Wes Edens, referring to themselves as NSWE, purchased a 55% controlling stake worth £30m in English Championship club Aston Villa.[19] The club had faced significant cash flow issues under previous owner Tony Xia, and faced a potential winding-up order by HMRC, following an unpaid £4m tax bill.[20] Following the takeover, NSWE invested significant funds into addressing said issues.

Following a significant turnover of management and playing staff: including the appointment of former Liverpool executive Christian Purslow as CEO and the appointment of Dean Smith as manager, the club would be subsequently be promoted back to the Premier League. This included a period of Villa's longest ever winning streak of 10 games.[21] Following promotion, NSWE bought out the remainder of Xia's shares to become sole owners in August 2019. This was done by taking on an unpaid £30m debt owed by Xia to former owner Randy Lerner.[22]

Sawiris and Eden's ownership of Aston Villa has marked a period of heavy investment, with approximately £360m of debt-free share capital injected into the as of August 2022.[23] Plans to expand Villa Park from 42,682 seats to over 50,000, including the demolition of the North Stand and the creation of a major retail venue, are at an advanced stage. The project is set to cost over £100m, and will be entirely funded by V Sports.[24]

In 2021, the NSWE holding company rebranded to V Sports, with a view of investing into other clubs around the world via a multi-club model.

Vitória de Guimarães

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In February 2023, V Sports entered into an agreement to purchase a 46% stake worth €5m in Portuguese Primeira Liga team Vitória S.C. As part of the agreement, V Sports would invest an additional €2m into sporting infrastructure within the next 2 years, and provide a credit line of up to €20m.[25] The agreement was ratified by Vitória's members on 4 March 2023.[26]

Other activities

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Personal life

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Sawiris is married to Sherine, has four children, lives in Cairo, and maintains a residence in New York City.[2][31] He is a Coptic Christian.[32]

References

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  1. ^ "Bloomberg Billionaires Index". Bloomberg.com. Retrieved 25 February 2021.
  2. ^ a b c "Forbes profile: Nassef Sawiris". Forbes. Retrieved 24 October 2021.
  3. ^ "Meet 2021's Arab Billionaires". Forbes. 2021. Retrieved 7 June 2021.
  4. ^ "Our History". orascom.com. Archived from the original on 23 April 2021. Retrieved 28 July 2018.
  5. ^ "Group Activity Report 2107" (PDF). besix.com. Retrieved 28 July 2018.
  6. ^ "DIFX appoints Nassef Sawiris as Director". Nasdaqdubai.com. 13 July 2008. Archived from the original on 24 October 2020. Retrieved 6 May 2016.
  7. ^ "Corporate Governance". Nasdaqdubai.com. 13 July 2010. Archived from the original on 28 July 2018. Retrieved 28 July 2018.
  8. ^ "Board of Directors". oci.nl. Archived from the original on 24 November 2016. Retrieved 28 July 2018.
  9. ^ "Our History". oci.nl. Archived from the original on 22 November 2019. Retrieved 28 July 2018.
  10. ^ "Board of Directors". LafargeHolcim. 13 July 2008. Archived from the original on 29 July 2018. Retrieved 28 July 2018.
  11. ^ "The wealth of Egyptian billionaire "Nassef Sawiris" has increased more than 70% in less than a year". NewsArea Middle East. Retrieved 28 January 2021.[permanent dead link‍]
  12. ^ "Egyptian Billionaire Sawiris Discloses 6% Stake in Adidas". Wall Street Journal. 30 October 2015.
  13. ^ "Supervisory Board". Adidas AG. 31 January 2016.
  14. ^ "Supervisory Board CV" (PDF). Adidas AG. 31 January 2016. Archived from the original (PDF) on 29 July 2018. Retrieved 28 July 2018.
  15. ^ "Billionaire Nassef Sawiris and GBL-Backed SPAC Seek European Deals". Bloomberg.com. 1 October 2020. Retrieved 25 February 2021.
  16. ^ Corp, Avanti Acquisition. "Avanti Acquisition Corp. Announces Redemption of Class A Ordinary Shares". www.prnewswire.com. Retrieved 15 February 2023.
  17. ^ "Club Statement". Aston Villa Football Club. 15 February 2023. Retrieved 15 February 2023.
  18. ^ East, Forbes Middle. "Egyptian Billionaire Nassef Sawiris Buys 6.3% Stake In Madison Square Garden Sports". Forbes ME. Retrieved 15 February 2023.
  19. ^ "Egypt billionaire and Fortress founder take control of Aston Villa". Financial Times. 20 July 2018. Retrieved 1 October 2022.
  20. ^ "Aston Villa miss £4m tax bill deadline as chief executive is suspended". the Guardian. 5 June 2018. Retrieved 1 October 2022.
  21. ^ Rudge, Dean (17 June 2019). "This is how Nassef Sawiris and Wes Edens transformed Aston Villa". BirminghamLive.
  22. ^ "Aston Villa owners buy out Tony Xia in debt financing play". SportsPro. 12 August 2019. Retrieved 1 October 2022.
  23. ^ Townley, John (17 August 2022). "Expert reveals what Villa cash injection means as NSWE make fresh pledge". BirminghamLive. Retrieved 1 October 2022.
  24. ^ Townley, John (17 August 2022). "Villa face £400m transfer reality after Gerrard hands NSWE signings plea". BirminghamLive. Retrieved 1 October 2022.
  25. ^ "Parceria da V Sports com o Vitória Sport Clube - Vitória Sport Clube". 14 February 2023. Retrieved 15 February 2023.
  26. ^ Townley, John (4 March 2023). "Vitória members approve investment from V Sports". BirminghamLive. Retrieved 4 March 2023.
  27. ^ "Board of Trustees". University of Chicago. Retrieved 28 July 2018.
  28. ^ "University of Chicago Receives $20 Million for Egyptian Students". Philanthropy News Digest. 29 March 2015.
  29. ^ Global Board of Advisors Council on Foreign Relations (CFR).
  30. ^ "International Leadership Board". Cleveland Clinic Giving. Retrieved 28 July 2018.
  31. ^ "Meet Sherine Magar Sawiris, The Wife Of Egyptian Billionnaire Nassef Sawiris". urbanwomanmag.com. 27 April 2020. Retrieved 27 April 2020.
  32. ^ "Naguib Sawiris: 'If God wanted women to be veiled, he would have created them with a veil'". Retrieved 18 August 2021.
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