North African billion-dollar conglomerates shine in Forbes ranking of Arab family businesses
Arab family businesses have recently experienced a V-shaped recovery.
North Africa
Tunisian tycoon Abdelwaheb Ben Ayed’s Poulina Group sets up solar energy subsidiary
Ayed owns a beneficial 3.4-percent stake in Poulina Group.
Wealthy Tunisian Ben Yedder family loses $7 million in nearly six months
The ultra-rich Ben Yedder family owns a majority 53.3-percent stake in Ennakl Automobiles.
Egyptian auto tycoon Raouf Ghabbour’s GB Auto spends $7.6 million of capital raise proceeds
Ghabbour founded GB Auto in 1985 as an Egyptian manufacturer of vehicles, buses, trucks, and motorcycles.
Egyptian real estate mogul Hisham Talaat Moustafa loses $8 million from TMG stake in one month
Moustafa controls a 43.16-percent stake in the conglomerate for the Talaat Moustafa family.
Egypt’s richest man Nassef Sawiris loses $130 million in August as net worth slides below $6.8 billion
Sawiris derives his wealth from a 38.8-percent stake in Netherlands-based OCI N.V. and his six-percent shareholding in Adidas.
Egyptian businessman Medhat Khalil’s Raya partners with Lafarge Egypt to convert trucks to natural gas
Khalil owns 58.1 percent of the company, or 1,245,661,205 shares.
Egyptian tech tycoon Mostafa Kandil gains over $1 million from stake in startup, Swvl Holdings
Kandil owns 6.35 percent of Swvl, a global supplier of disruptive tech-enabled mass transit solutions.
Egyptian tycoon Ahmed El Sewedy’s electric company completes bus charging units in Cairo
El Sewedy Electric is a multinational cable and electrical equipment manufacturer.
Egyptian billionaire Yasseen Mansour, Ahmed El-Sewedy donate $5.9 million to build Cairo monorail
Egypt’s first monorail, worth $4.5 billion, will be finished by 2023.
Moroccan businesswoman Lamia Tazi’s Sothema reveals plan to set up operations in Central Africa
Sothema is Morocco’s leading healthcare firm.
Egyptian fintech founder Ashraf Sabry gains $1.6 million in 38 days from stake in Fawry
The bump in the market value of his stake cements his position as one of the richest investors on the Egyptian Stock Exchange.
Moroccan businesswoman Lamia Tazi’s Sothema records over $108 million in revenue in H1 2022
Sothema produces more than 60 million units of pharmaceuticals every year.
Egyptian mogul Medhat Khalil’s Raya to manage Zain KSA customer experience in Saudi Arabia
Raya CX will provide outsourcing services to Zain KSA.
Led by Egyptian banker Karim Awad, EFG Hermes to pay Egypt’s tax office $20.5 million in H1 2022
The figure is 72-percent higher than during the same period last year.
Egyptian mogul Safwan Thabet’s Juhayna says price increases caused revenue to exceed $270 million in H1 2022
Thabet founded the Egypt-based food products manufacturer nearly 38 years ago.