Led by Egypt’s richest family, Orascom Construction sees profit drop 43.1 percent in Q1 2022
Nassef Sawiris owns 28.97 percent of the multinational construction group, or 33,825,323 shares.
Egypt
Led by Egyptian exec Karim Awad, EFG Hermes raises capital by $52.9 million
The capital raise will be funded by the group’s retained earnings and will be distributed over 194.61 million shares.
Egyptian billionaire Nassef Sawiris gains $1.27 billion from stake in OCI N.V.
The billion-dollar bump in his net worth is due to the company’s year-to-date gains.
Egyptian businessman Hatem Samir’s GlobalCorp acquired by SPE Capital
Samir controls a 10-percent stake in GlobalCorp.
Wealthy Egyptian Khamis family loses $25.2 million from stake in Oriental Weavers
The family is set to earn $23.9 million in final dividends from their stake in the leading carpet manufacturer.
Egypt’s richest man Nassef Sawiris now wealthier than Henry Samueli; net worth over $7.25 billion
The billionaire’s net worth has risen by $738 million since the start of the year.
Egyptian entrepreneur Islam Shawky’s Paymob raises $50 million in round led by PayPal Ventures
Paymob’s total funding since its inception seven years ago is more than $68.5 million.
Egyptian mogul Ahmed Ezz gains $35.3 million in 19 days from stake in steelmaker
Ezz is one of the wealthiest men in Egypt.
UAE’s largest bank, FAB, has withdrawn its offer for majority stake in Karim Awad’s EFG Hermes
The disclosure comes two months after the bank announced its plan to acquire a 51-percent stake in EFG Hermes Holding.
Egyptian multimillionaire Medhat Khalil’s Raya Holding to launch e-payment company
Raya Holding is an Egyptian investment conglomerate founded in 1999.
Egyptian billionaire Yasseen Mansour’s real estate firm launches $206.5-million Sukuk bond
The proceeds from the issuing of Sukuk bonds will be used to build Palm Hills’ Badya creative city project.
Moroccan real estate tycoon Alami Lazraq’s Alliances Group posts $147.8 million in revenue in 2021
Lazraq said the group met its goals for 2021 despite the pandemic.
Egyptian billionaire Yasseen Mansour’s Palm Hills approves $206.5-million Sukuk bond to fund new project
Mansour controls a beneficial 4.68-percent share in Palm Hills Development.
Nassef Sawiris’ Orascom Construction in talks on $1.5-billion plant as Egypt faces water scarcity
The move comes in the wake of a water crisis that has left Egypt and its neighbors struggling.
Egyptian mogul Ashraf Sabry’s Fawry Microfinance surpasses $64 million in total disbursals
Fawry Microfinance is an operating subsidiary of Fawry for Banking Technology and Electronic Payments.
Egypt’s billionaire El-Sewedy family loses $109 million from stake in electric company
The El-Sewedy family owns 68 percent of the electric company, or 1,478,689,860 shares.