Nassef Sawiris, Egypt’s richest man, formed a new investment company that he said will target growth opportunities in the Arab World’s most populous country.
Nile Holding Investments will contribute as much as $75 million to a $300 million private equity fund focusing on consumer-related industries being started by London-based asset manager Duet Group, and CI Capital Holding of Cairo, Sawiris said in an e-mailed statement from the Egyptian capital today.
The new investment signals a return for the billionaire who moved his construction businesses out of Egypt last year amid a tax evasion case, which was later settled. His brother Naguib made an offer last week with others to buy a stake in Cairo-based EFG-Hermes Holding SAE, the biggest publicly traded Arab investment bank.
“I am confident that Egypt is positioned to achieve exceptional economic growth in the years to come, attracting direct investments in key sectors which continue to offer substantial investment opportunities,” Sawiris, who has a personal fortune of $8.1 billion according to data compiled by Bloomberg, said in an e-mailed statement.
The company being started by Sawiris along with other international investors, has also completed a second 400 million Egyptian pound ($56 million) investment in the health care segment, according to the statement.