Egyptian Billionaire Onsi Sawiris dies aged 90

CAIRO – 29 June 2021: Egyptian Billionaire Onsi Sawiris – father of three tycoons Naguib, Nassef and Samih - passed away Tuesday at the age of 90.

Sawiris was born on August 14, 1930, and earned a bachelor's degree in Agriculture from Cairo University in 1950.

The businessman first founded a firm named '"Onsi and Lamei" operating in roads construction and canal digging. However, in 1961, the company had been partially nationalized before it got fully nationalized later. Yet, Sawiris had chaired the establishment for five years prior to moving to Libya in 1966 where he also worked in the field of constructions.  

A decade later, he returned to Egypt founding in 1976 Orascom for Constructions and Trade. The name was later changed to Orascom for Construction Industries, and the investment portfolio expanded in the 1980s and the 1990s to include tourism, hospitality, computing, and cell phone networks.

According to the updated data published on Forbes website, Sawiris' wealth hit $993.8 million as he was dropped off the billionaires list in 2018-2019.

Yet, two of his children are still keeping their place on the list. One is Nassef, 60, whose wealth stands at $9.2 billion. And, the other is Naguib, 67, whose wealth is $3.1 billion. As for the net worth of the third son, Samih, aged 64 is $850 million.