Nassef Sawiris, Egypt's richest man, is seeking to invest up to USD 50 billion in US infrastructure projects and is in the process of merging his publicly listed holding companies in Abu Dhabi, in what is a pivotal move for his business interests.
Sawiris, who also owns English football club Aston Villa, is close to completing the dismantling of OCI Global, a Dutch-listed chemicals and fertiliser company that has sold assets worth more than USD 11.6 billion over the past two years, according to a report published by the Financial Times.
Following the completion of the asset sale, Sawiris is now working to integrate OCI into his family's company, Orascom Construction, in a deal announced a few days ago. The newly merged company will be listed in Abu Dhabi. Sawiris recently moved to the emirate and Italy following his high-profile exit from the United Kingdom, where tax changes led to the departure of several billionaires.
Benefiting from increased spending in data centres
The company will focus on infrastructure investments in the US, seeking to capitalise on increased spending in areas such as data centres, while leveraging Orascom's construction expertise and the more than $1 billion in cash and other proceeds on Orascom Construction's balance sheet.
The company plans to invest its own capital and that of its partners in US infrastructure through equity and credit investments over the next decade.
"We want to focus the next phase of our business on the area where we see the greatest opportunity, which is infrastructure," Sawiris told the Financial Times. He added that Orascom, like some of the most successful companies in the sector, such as France's Vinci and Spain's Ferrovial, has an advantage given its extensive experience in construction and project management.
Investments in airports and university housing
Private equity firms have flooded the infrastructure sector in recent years, with funds led by BlackRock's Global Infrastructure Partners (GIB) and Brookfield Asset Management, some of the biggest players in this space.
Orascom already operates in US infrastructure through its subsidiary, Weitz, which it acquired in 2012. Weitz has built projects such as data centres, airport terminals, and university housing.
Nassef Sawiris' net worth: $9 billion
Sawiris, whose fortune is estimated by Forbes to be around $9 billion, is the younger son of the late Onsi Sawiris, who founded a construction company in the 1950s and transformed it into the major multinational conglomerate now known as Orascom.
This latest move represents a significant shift in Sawiris's career, following his focus on chemicals as well as initial involvement in the cement sector. Sawiris sold Orascom's cement business to the French group Lafarge in 2007 for more than USD 10 billion euro ($11.6 billion).
OCI and Orascom achieved a combined internal rate of return exceeding 39 percent between Orascom's listing in 1999 and the end of 2024 Distributed dividends to shareholders exceeded USD 22 billion, according to a review conducted by KPMG.
Last year, OCI sold its global methanol business to US-based Methanex for approximately USD 2 billion, marking the Amsterdam-listed group's fourth transaction since conducting a strategic review in 2023. The company is considering other options, including the sale of its recent European assets.
OCI merger
According to a recent statement issued by the two companies, the merger will combine Orascom Construction's execution capabilities, supported by a $14 billion backlog, significant experience in the infrastructure sector, and a proven track record of project execution and investments in infrastructure projects, particularly in the US, the GCC, Egypt, Europe, and emerging markets, with a platform OCI Investments and its extensive experience in completing transactions and investments.
The merger will combine the two companies' financial resources and financing capabilities, and will enhance their ability to invest in large-scale infrastructure opportunities through multiple avenues, including direct investment, financing, and participation in operations and maintenance activities. Leveraging Orascom Construction's well-established expertise in this field, this will herald a new phase of growth.
The combined company will offer a diversified global platform that will leverage Orascom Construction's leadership in the infrastructure and investment sectors, including data centers in the US, airports, transportation, energy, and water.