Egypt’s richest man, Nassef Sawiris gains $912 million this year

Nassef Sawiris, Egypt’s wealthiest man, has seen a substantial increase in his net worth by $912 million year-to-date in 2024-according to the Bloomberg Billionaire Index. 

Under Sawiris’ leadership, OCI has undergone significant transformation, making the company more agile and focused on strategic growth.

The company’s shares have risen about 8% in 2024, giving it a market value of €6 billion, while Methanex’s stock, publicly traded in Toronto and on Nasdaq, has seen a 10% drop in the same period, with a market capitalization of approximately $3 billion. 

Leading OCI, a global chemical and fertilizer company, Sawiris has been instrumental in its major asset divestment strategy, which has raised $11.6 billion in sale proceeds.

The latest of these transactions occurred in September 2024, when OCI agreed to sell its global methanol business to Methanex, a publicly traded company, for about $2 billion. The deal consists of $1.15 billion in cash and the rest in Methanex shares, making OCI the second-largest shareholder in Methanex with a 13% stake. 

This marks OCI’s fourth major sale as part of an ongoing corporate breakup plan that began after a strategic review in 2023.

Other significant sales include two fertilizer businesses to Adnoc and Koch Industries for $3.6 billion each, and the sale of a low-carbon ammonia project in Texas to Woodside Energy for $2.35 billion.

Despite these sales, OCI retains its European assets and remains a leader in producing green methanol, an alternative fuel for road and marine transport. 

The divestment strategy, supported by activist investor Jeff Ubben, who holds a 5% stake in OCI, aims to boost shareholder returns and streamline the company’s focus.