ALBAWABA – Nassef Sawiris is relocating his family office to safe haven Abu Dhabi, the capital city of the United Arab Emirates (UAE), according to Bloomberg.
Sawiris is one of many prominent investors moving their businesses to the sun-splashed emirate.
The Egyptian billionaire, worth $7.6 billion, intends to re-domicile NNS Group in safe haven Abu Dhabi’s Global Market, the city-state’s international financial center, subject to regulatory approval.
From there, Bloomberg reported, the NNS Group aims to build significant stakes in a concentrated number of companies, primarily in Europe, the Middle East and North America, the firm said.
Egypt’s wealthiest man, as per the Bloomberg Billionaires Index, has investments in German sporting-goods maker Adidas AG and English soccer club Aston Villa.
UAE's safe haven Abu Dhabi has attracted several billionaires from around the world, including the richest man in Egypt, Nassef Sawiris - Shutterstock
Notably, UAE’s safe haven Abu Dhabi has wealth funds overseeing more than $1 trillion in investment portfolios across various sectors.
Dutch chemical producer OCI NV, where Sawiris is chairman, listed its joint fertilizer venture with Abu Dhabi National Oil Company in the emirate in late 2021, Bloomberg reported.
Meanwhile, the UAE has been luring in investment titans from around the globe, fromRay Dalio to Alan Howard, to set up offices in safe haven Abu Dhabi.
“I am delighted to announce our long-term commitment to the UAE and ADGM in particular,” Sawiris said in a statement, carried by Bloomberg.
“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.”
