2) Mohamed Mansour – $4 Billion
Mohamed Mansour, who oversees conglomerate Mansour Group, reports an increase in sales in the family’s General Motors car business, which took a hit following the Egyptian revolution in 2011. According to him, sales are on track to reach 70,000 vehicles this year– up from a year ago but still down from a peak of 94,000 in 2010. Mansour Automotive is the sole distributor for General Motor Company products in Egypt.
Mohamed and his brothers Yasseen and Youssef, both also billionaires, sat out the revolution in London, but with a friendlier Egyptian government now in power, return frequently to Cairo where they still own extensive real estate.
The past three years has seen their private equity arm invest more than 500 million Dollars in international businesses including telecoms, education, and real estate in Missouri in the United States.
1) Nassef Sawiris – $6.1 Billion
Nassef Sawiris is Egypt’s richest man and one of the richest people in Africa. He has investments in Petroleum and Petrochemical companies, Agriculture, Construction and Mining. He won a tax evasion case in November that pitted him against the government of former Egyptian President Mohamed Morsi.
Sawiris had initially agreed to disburse $1 billion over five years, but appealed the ruling after Morsi was ousted. It is expected that previous rulings against him will also be nullified. As a result of his victory, he announced that he is pressing ahead with investments in Egypt. In November, he partnered with Abu Dhabi’s International Petroleum Investment Co. to develop a coal-based power plant in Egypt. He also plans to separate OCI’s construction unit from its chemicals and fertilizers arm, and list the newly formed Orascom Construction in Egypt and the UAE in the first quarter of 2015.
Nassef is a shareholder in Martin Marietta with nearly 7% stake, following its acquisition of Texas Instruments (in which he owned shares) in July 2014. He also purchased the late Edgar Bronfman Sr.’s Fifth Avenue penthouse for $70 million in May 2014, making him the owner of one of the priciest apartments in Manhattan.