Egyptian billionaire Nassef Sawiris to move family office to Abu Dhabi

Mr Sawiris intends to redomicile his NNS Group in the ADGM

Egyptian billionaire Nassef Sawiris is Egypt's richest person with a net worth of $7.6 billion. Bloomberg

Nassef Sawiris, Egypt's wealthiest person, is moving his family office to Abu Dhabi, joining a wave of prominent investors who have set up operations in the emirate.

The Egyptian billionaire, the younger brother of Naguib Sawiris, intends to redomicile his NNS Group in the Abu Dhabi Global Market, subject to regulatory approval.

From there, NNS Group aims to build significant stakes in a concentrated number of companies, primarily in Europe, the Middle East and North America, the company said.

Mr Sawiris has a net worth of about $7.6 billion, according to the Bloomberg Billionaires Index. He has invested in German sporting-goods maker adidas, as well as English football club Aston Villa.

The move by Mr Sawiris underscores his embrace of Abu Dhabi. Dutch chemical producer OCI NV, where Mr Sawiris is chairman, listed its joint fertiliser venture with Adnoc in the emirate in late 2021.

It also comes as investing titans from Ray Dalio to Alan Howard plan to set up offices in the capital city.

“I am delighted to announce our long-term commitment to the UAE and ADGM, in particular,” Mr Sawiris said.

“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.”

Mr Sawiris will continue to be executive chairman of the NNS Group after the move.