Nassef Sawiris Relocates Wealth and Business to Abu Dhabi: Controversy and Criticism Ensue
Watan-Businessman Nassef Sawiris, the wealthiest man in Egypt with a net worth of approximately $7.6 billion according to Bloomberg’s billionaire index, has decided to relocate his family office to Abu Dhabi.
Additionally, he aims to establish the headquarters of the “NNS” group in the Abu Dhabi Global Market, the international financial center of the UAE’s capital.
However, this move has stirred controversy as it requires approval from regulatory authorities, leading to criticism and an attack from Egyptian authorities, who deployed their intelligence apparatus against him.
According to the “NNS” group, the objective behind this step is to expand the company’s operations and acquire significant stakes in numerous companies, particularly in Europe, the Middle East, and North America.
Statement from Nassef Sawiris Regarding the Relocation Decision
Nassef Sawiris, the wealthiest man in Egypt, has issued a statement regarding his decision to move operations to Abu Dhabi, joining a wave of prominent investors who have established their ventures in the Gulf emirate, as reported by Bloomberg.
In his statement, Sawiris expressed his satisfaction with the decision, saying, “I am pleased to announce our long-term commitment to the Emirates and, in particular, the Abu Dhabi Global Market.”
The Egyptian businessman added, “The significance of the Emirates to the global financial system leads NNS to believe that relocating its core activities to the Emirates will contribute to the continued development and growth of its portfolio and core operations.”
Sisi’s Regime Deploys Intelligence Against Sawiris
Following Nassef Sawiris’ decision to move to the UAE, the Sisi regime has unleashed its intelligence apparatus on him. The transfer of substantial investments by the renowned businessman from Egypt represents a significant loss for a regime that has long benefited from the presence of entrepreneurs and their investments.
Egyptian media personality and parliamentarian Mustafa Bakry, known for his close ties to the Sisi regime, launched an attack on the businessman and billionaire Nassef Sawiris after his move. Bakry took to Twitter, stating, “At a sensitive time when Egypt faces risks on its borders and suffers from an economic crisis due to international repercussions, billionaire Nassef Sawiris announces the transfer of his and his family’s investments from Egypt to Abu Dhabi.”
Bakry, a vocal supporter of the Sisi regime, attempted to discredit Sawiris, disregarding the extensive human rights violations and economic hardships inflicted by Sisi’s government. Bakry, who continuously praises Sisi, has been instrumental in polishing the regime’s tarnished image and downplaying its severe transgressions, including widespread human rights abuses and pushing Egypt to the brink of economic and living crises.
In a direct message to the prominent businessman Nassef Sawiris, Bakry, dismissive of the regime’s actions, queried, “Did your country fail to assist you and your family? Did it, for instance, go bankrupt, and you had to rebuild your wealth? Were you deprived of investing in Egypt, or does Egypt’s blood weigh heavily on your heart?”
في وقت حساس تواجه فيه مصر مخاطر علي الحدود ، وتعاني من أزمة إقتصاديه نتاج تداعيات دوليه ، يخرج علينا الملياردير ناصف ساويرس ليعلن نقل إستثماراته واستثمارات عائلته إلي ( أبوظبي ). السؤال : هل بلدك تقاعست عن مساعدتك أنت وأسرتك . هل أفلست مثلا وذهبت لتعيد بناء ثروتك مجددا ، هل تم…
— مصطفى بكري (@BakryMP) December 5, 2023
Mustafa Bakry Continues Criticism of Nassef Sawiris:
“Your wealth alone has reached $7.6 billion. From where did all of that come? From Egypt, the blood of Egypt, and the economy of Egypt. It is your right to invest anywhere, but your statement implies that you are telling the world that Egypt is no longer an attractive or safe country for investment, even though your companies secure the majority of projects.”
The Egyptian parliamentarian acknowledged that the UAE and Saudi Arabia are among the biggest supporters of the Sisi regime, contradicting himself when criticizing Sawiris for moving to those countries: “We have major investors from the UAE, Saudi Arabia, and Gulf countries investing substantial amounts in Egypt. Mr. Nassef, Egypt is great, strong, and has loyal and honorable businessmen who are not a minority. We will overcome all our crises with determination, nationalism, and dedication.”
OCI NV, the Dutch chemical manufacturing company chaired by Sawiris, listed its joint fertilizer project with the Abu Dhabi National Oil Company in the UAE in 2021.
Nassef Sawiris is also one of the wealthiest football club owners globally, possessing Aston Villa in the English Premier League. According to the British newspaper editorialge, Sawiris is among a list of 15 wealthy businessmen who own football clubs worldwide.
