8) Ahmed Ezz – $520 Million
Ahmed Ezz is a Steel magnate. He served as chairman of ousted Egyptian President Hosni Mubarak’s political party, was accused of corruption during the uprisings in 2011, and served a three year jail-term. He was reportedly released this summer after being fines and a retrial is to be expected to which Ezz’s representatives refused to offer any comment.
Ezz was forced to relinquish his position as chairman of Ezz Steel, one of the largest steel manufacturers in the Middle East following his imprisonment. However, his holding company – Ezz Group remains a majority shareholder in the company.
7) Samih Sawiris – $1.1 Billion
Samih Sawiris is the youngest son of Egyptian construction magnate Onsi Sawiris. He heads Orascom Development, which builds and operates resorts in Egypt, Montenegro, and Switzerland. The political uprising in 2011 hit the company hard as tourism which drives up the company’s profits was stalled, but cost cutting, a spin-out of its construction business in Egypt, and a one-time gain from a settlement helped it post a profit in the first half of this year – the first since 2011.
The company hopes the new regime in Egypt will bring stability and thus encourage investments. Sawiris also has nearly 10% stake in construction giant OCI N.V., which was founded by his father, Onsi, and is now run by his brother Nassef. Onsi, Nassef and brother Naguib are all billionaires.