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Egypt's richest man joins trending billionaire migration to UAE

Nassef Sawiris, Egypt's richest man is relocating his family office to Abu Dhabi, joining a trend among notable investors establishing their operations in the sun-splashed emirate.

Egypt's richest man Nassef Sawiris
  • Sawiris is Egypt’s wealthiest man, with a net worth of about $7.6 billion.
  • He intends to re-domicile NNS Group in the Abu Dhabi Global Market, the city-state’s international financial centre, subject to regulatory approval. 
  • One of the main factors encouraging high-net-worth individuals to migrate to the country is the low and highly competitive tax rates that help set up new businesses.
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Bloomberg reported that the Egyptian billionaire intends to re-domicile NNS Group in the Abu Dhabi Global Market, the city-state’s international financial centre, subject to regulatory approval.

According to the firm's statement, NNS Group intends to acquire substantial holdings in a select number of companies, with a primary focus on Europe, the Middle East, and North America

Sawiris is Egypt’s wealthiest man, with a net worth of about $7.6 billion, according to the Bloomberg Billionaires Index. Aged 62, his substantial stake in sportswear giant Adidas and ownership of OCI, one of the world's largest nitrogen fertiliser producers, underline his prowess in the investment domain. Moreover, his ventures extend into the sports world with the purchase of Premier League's Aston Villa Football Club.

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Sawiris' decision highlights his strong affinity for Abu Dhabi, an emirate with wealth funds managing over $1 trillion.

As the chairman of Dutch chemical producer OCI NV, Sawiris played a key role in listing the joint fertilizer venture with Abu Dhabi National Oil Co. in the emirate towards the end of 2021. It also comes as the United Arab Emirates lures investing titans from Ray Dalio to Alan Howard to set up offices in the capital city.

“I am delighted to announce our long-term commitment to the UAE and ADGM in particular. 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.

Sawiris will continue to be executive chairman of NNS Group following the re-domiciliation.

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The UAE, especially Dubai, has become a stronger competitor in attracting high net worth individuals from around the world in the post-pandemic period.

According to experts monitoring the world's wealthiest individuals, Dubai's allure extends beyond its stability to encompass its pro-business environment, world-class lifestyle attractions, luxury real estate offerings, and progressive policy changes that facilitate longer-term residency.

One of the main factors encouraging high-net-worth individuals to migrate to the country is the low and highly competitive tax rates that help set up new businesses

According to the Dubai Chamber, more than 1,600 new African member companies registered with the Chamber between October 2021 and June 2022, reaching 26,420, an increase of 6.5 per cent.

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Dubai is projected to see its centi-millionaire population surge by a whopping 78 per cent over the next decade – the fastest rate worldwide, according to Henley & Partners in their 2023 Centi-Millionaire Report.

This is a Business Insider Article, for more articles like this, visit africa.businessinsider.com

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