Latest news with #Sawiris
Yahoo
2 days ago
- Business
- Yahoo
Berenberg downgrades OCI, says divestment cycle nearing end
-- Berenberg downgraded OCI to Hold from Buy, saying the company's years-long strategic reshaping is close to completion and leaves limited upside for shareholders. The Dutch chemicals firm has been spinning off major assets, including its fertilizer, methanol, and ammonia businesses, returning roughly $4.4 billion to investors so far. Following shareholder approval at its May annual meeting, OCI plans an additional $1 billion payout once the sale of its methanol unit to Methanex (NASDAQ:MEOH) closes, expected in the first half of 2025. Berenberg expects that after completing the handover of its Texas Clean ammonia project to Woodside (OTC:WOPEY) Energy in late 2025, OCI's majority shareholder, the Sawiris family, could launch a tender offer for the remaining shares at a modest premium. 'The company is approaching a liquidation moment, with OCI's main shareholders willing to delist the shares,'' Berenberg wrote, adding that once the Methanol deal is finalised, management may also pursue a sale of its remaining European nitrogen assets. However, the brokerage noted that finding a buyer could be challenging as key players like Yara and Grupa Azoty are scaling back EU operations. OCI's residual assets would consist of the nitrogen unit, which includes a 1.2 million tonne per annum ammonia terminal in Rotterdam and 1.6 million tonne ammonium nitrate capacity, and a 14.5% equity stake in Methanex. Berenberg sees limited catalysts for further value creation, cutting its price target to €8.70 to reflect the May 7 distribution. It values the company based on a sum-of-the-parts analysis, factoring in expected transaction and restructuring costs of $300 million and estimating a partial recovery from contingent payments tied to the Fertiglobe deal. The bank expects US regulatory approval of the Methanol sale, though with some remedies to address market concentration concerns. Related articles Berenberg downgrades OCI, says divestment cycle nearing end Bernstein downgrades CrowdStrike on valuation, sees better upside in Palo Alto Shopify, Citi named signature picks at Wells Fargo
Identity
21-05-2025
- General
- Identity
Yousriya Loza-Sawiris Named to the Inaugural 2025 TIME100 Philanthropy List
A global recognition of a lifelong commitment to building just and sustainable communities Cairo, May 20, 2025 –TIME has named Yousriya Loza-Sawiris to its inaugural TIME100 Philanthropy list, honoring 100 of the world's most influential philanthropic changemakers. The list celebrates visionaries who have dedicated their resources, expertise, and time to creating lasting, transformative impact in communities around the world. Loza-Sawiris, Chairwoman and founder of the Sawiris Foundation for Social Development (SFSD), joins a distinguished group of global philanthropic leaders, recognized for their lifelong commitment to social equity and human dignity. Since establishing the foundation in 2001 with the support of the Sawiris family, Loza-Sawiris has championed initiatives that have transformed the lives of thousands across Egypt—advancing quality education, expanding access to healthcare, fostering economic empowerment, and providing emergency relief. With her leadership, the foundation has adopted an evidence-based, impact-driven approach, marked by strategic investments and informed decision-making. This is to ensure the most effective use of resources and lasting social impact. Mrs. Sawiris firmly believes that meaningful change begins through genuine collaboration with local communities — a principle that has shaped the Foundation's approach since its inception. By forging strategic partnerships with government, the private sector, and civil society, the Foundation has launched sustainable development initiatives that have delivered tangible, lasting impact in Egypt's most underserved areas. Her journey in philanthropy, however, began long before the foundation was established. In 1979, she committed herself to supporting one of Cairo's most underserved communities—the garbage collector community, whose residents had relied on informal waste collection and recycling for survival since the 1940s. Her work has since remained grounded in the belief that meaningful development must be built from the ground up—through trust, humility, and shared purpose. Reflecting on the recognition, Loza-Sawiris said: 'It is an honor to be included in TIME's first-ever Philanthropy100 list, but this recognition is not a personal achievement—it represents years of collective effort, shared vision, and deep partnerships with individuals who truly believe in the power of social change. What we've accomplished is the result of honest collaboration among those who see development not as a project with an endpoint, but as a moral and human obligation that demands consistency, knowledge, and deep respect for those we serve.' She continued: 'This honor carries an even greater responsibility. It serves as renewed motivation—not only out of duty, but out of a profound belief that every person deserves equal opportunities for a dignified life. I've always believed that investing in people is the most valuable and lasting investment. A just society can only be built through inclusive partnerships, thoughtful policy, and a steadfast belief in the transformative power of hope.' She added: 'This recognition goes beyond me—it is a tribute to Egypt's development journey, and to the value of purpose-driven work rooted in belief, integrity, and collective effort.' Mrs. Loza-Sawiris is the only Egyptian included in this prestigious global list, alongside prominent figures such as Oprah Winfrey, Warren Buffett, Mukesh and Nita Ambani, Abdul Aziz Al Ghurair, Melinda Gates, Micheal Bloomberg, Peter Singer, Mackenzie Scott, as well as members of the British royal family, Prince William and Princess Catherine of Wales. The full list will appear in the June 9, 2025 issue of TIME, available on newsstands on Friday, May 30, and now at
Forbes
14-05-2025
- Business
- Forbes
Private Equity Billionaire Mulls Joining U.K.'s Growing Wealth Exodus
CVC is a private equity giant with $200 billion in assets under management. Rolly van Rappard, the cofounder of CVC Capital Partners, is reportedly considering a move from London to a more tax-friendly jurisdiction. The billionaire is said to be thinking about moving to Milan, although a final decision has not been reached, according to a report by Private Equity News, which cited people familiar with the matter. A representative from CVC declined to comment on the story. CVC is a private equity giant with $200 billion in assets under management. The firm's investments include Petco, Swiss watchmaker Breitling and Spanish soccer league La Liga. Forbes estimates that Van Rappard is worth $1.5 billion based largely on his stake in CVC, where he continues to serve as the firm's non-executive chair. Van Rappard's potential departure underscores earlier concerns that the U.K. could see an exodus of wealthy individuals after the Labour government adopted a series of reforms that increases taxes on capital gains and inheritances, while ending a preferential regime for non-domiciled residents. Last month, the billionaire brothers Ian and Richard Livingstone switched their residency to Monaco after previously indicating the U.K. on their filings to the company registry. The move, which was first reported by Bloomberg, appeared on the filings between late March and early April, just prior to the government's tax hikes taking effect. The brothers' real estate firm London & Regional declined to comment. They each have a net worth of $5.2 billion, according to Forbes estimates. Their company owns properties throughout London and operates hotels in Los Angeles., Las Vegas and Miami. Forbes estimates that they're each worth $5.2 billion. Another billionaire who recently left the U.K. was Nassef Sawiris. The scion of Egypt's wealthiest family has an immense fortune that Forbes values at $9.3 billion, which includes co-ownership of Aston Villa Football Club. Sawiris also changed his residency before the tax changes came into effect. He told the Financial Times in mid-April that he relocated to Abu Dhabi and Italy because the economy had been mismanaged for so long. 'You can't blame Labour,' Sawiris said. 'This was all in the making for 10 years of incompetence by the most left-leaning Conservative Party in history.' The Conservative Party had earlier promised to make changes to the preferential tax regime for non-domiciled taxpayers, or 'non-doms,' who could avoid U.K. taxes on their overseas earnings for as long as 15 years. But it was the Labour Chancellor Rachel Reeves who went even further by scrapping the centuries-old tax privileges for non-doms in her October budget. And Reeves didn't stop there. In her efforts to plug what the Labour government said was a £22 billion ($28 billion) black hole in public finances inherited from the Tories, she also increased the tax on capital gains and reduced the exemptions from the country's inheritance tax—all of which target the wealth community. A government spokesman described the tax system as 'fair and progressive' and 'it keeps the U.K. an attractive place to live while supporting the public investment needed to drive growth.' And scrapping the non-dom regime also makes it 'simpler and more attractive.' The Office for Budget Responsibility (OBR) has estimated that the changes to the regime will raise £33.8 billion over the next five years. But a report from the Centre for Economics and Business Research (CEBR) came up with another estimate that says the reforms could lead to billions in losses from the government's tax revenues. The think tank's researchers said that if a quarter of the UK's non-doms leave the country, the net gain to the Treasury would be zero. And as the emigration rate goes up, the CEBR's report says the Treasury would incur higher losses. If half the number of the taxpayers affected by the tax change leave the country by 2030, the government's revenues would drop by £12.2 billion, according to the think tank.
TechCrunch
12-05-2025
- Business
- TechCrunch
Egypt's Nawy, the largest proptech in Africa, raises $52M to take on MENA
For decades, buying property in Egypt meant navigating a fragmented real estate market, relying on personal networks, dealing with commission-driven brokers, and facing developers more focused on selling than serving customer needs. In 2019, Mostafa El Beltagy co-founded Nawy to bring transparency and efficiency to the market. Now positioning itself as Africa's largest proptech platform, Nawy has raised $52 million in Series A funding, led by Africa-focused VC firm Partech Africa, validating its model of combining property listings with brokerage services. The round, which also includes $23 million in debt financing from Egypt's top banks, brings the total to $75 million, one of the largest Series As for an African startup. In 2022, it raised a $5 million seed round led by Egypt's wealthiest family, the Sawiris. CEO El Beltagy's journey into proptech began with personal frustration. After several years working in corporate jobs across multiple countries, the former Vodafone executive wanted to invest in real estate in Egypt, a market many people view as a hedge against inflation and currency devaluation. However, as he navigated the process of purchasing property, the lack of transparency and the prevalence of biased advice became glaring problems. 'I had no way to look at the market and understand what's out there, aside from going almost developer by developer, picking up their brochures and asking their salespeople questions, which was highly inefficient,' the CEO recounted. 'In this sector, everyone is incentivized to push you one way or another.' These challenges led El-Beltagy to build Nawy to help people buy, sell, invest in, finance, and manage property. Its model, combining a property listing platform with brokerage services, has set it apart in an industry still dominated by agents with entrenched, offline relationships. The chief executive launched the company alongside Abdel-Azim Osman, Ahmed Rafea, Mohamed Abou Ghanima and Aly Rafea. Techcrunch event Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | BOOK NOW Making real estate accessible At first, Nawy struggled to secure those listings. Developers were skeptical about Nawy's value because it wasn't big enough to drive traffic to their listings. Brokers, on the other hand, saw Nawy as a competitor. To build trust, Nawy introduced immediate commission payments, funded upfront, to brokers who made their first transaction on the platform. This shifted sentiment, leading to word-of-mouth growth that has seen over 3,000 brokerages actively using Nawy Partners (its product for brokers), accessing live inventory and flexible payouts. Additionally, the Cairo-based proptech attracts over a million monthly visitors, with hundreds of developers competing for visibility. About 150 developers cover most of Egypt's new build market, which is worth around $30 billion, based on 100,000 transactions annually, according to El Beltagy. Over the last few years, Nawy has expanded beyond listings and brokerage services, evolving into a full-stack real estate ecosystem. This includes Nawy Shares, a fractional ownership product that lets users invest in property with at least $500, making real estate accessible to Egypt's middle-income population, which has long been priced out. Additionally, Nawy has developed a mortgage product, 'Move Now Pay Later,' designed to allow users to buy through installment plans and financing options in a market where banks rarely offer loans for real estate purchases. 'The real estate market is very lopsided in the sense that most people are buying new build, not resale. We believe enabling this product will cause a bit of a shift,' El Beltagy said of the embedded finance product. 'It's mortgage packaged differently because mortgages are almost non-existent here.' He added that Nawy's $23 million debt facility backs this offering. Immune to economic volatility? These products have diversified Nawy's revenue streams, which the company claims to have grown more than 50x in dollar terms over the last four years, despite the Egyptian pound losing 69% of its value. El Beltagy attributes much of this growth to the market's demand for real estate as a hedge against inflation and currency devaluation. While the currency crisis did impact local demand, the influx of expatriate money helped offset the drop. As a result, the profitable Nawy closed 2024 with over $1.4 billion in gross merchandise value (GMV), up from $38 million in 2020. With fresh capital, Nawy plans to expand beyond Egypt into North Africa and the Middle East, regions rapidly emerging as some of the world's most promising real estate markets. Nawy is targeting Morocco, Saudi Arabia, and the UAE as its next markets (in the UAE for instance, platforms like Huspy and Property Finder already have strong traction.) El Beltagy mentions that the company will buy smaller companies along the way. Recently, it acquired the property management startup ROA and rebranded it as 'Nawy Unlocked,' expanding its product offerings. The Series A round, raised across two tranches, will fund these plans, including advancing product development and integrating AI across Nawy's processes, according to El Beltagy. Other notable investors participating in the round include Development Partners International's Nclude Fund, e& Capital, Endeavor Catalyst, HOF Capital, March Capital Investments, Outliers, Plug and Play, Shorooq Partners, VentureSouq, and Verod-Kepple Africa Ventures. 'We're excited to support Nawy as they build the foundation for a modern, tech-driven real estate experience,' said Tidjane Deme, general partner at Partech. 'Their team has deep market insights, coupled with ambitious regional expansion plans and exceptional execution, positioning them as the clear proptech champion in Africa and the Middle East.'
AU Financial Review
07-05-2025
- Business
- AU Financial Review
How private equity's brutal reckoning could help Australia
Private-equity dealmakers pride themselves on cutting through the corporate BS and getting down to business. So we can only imagine the sector's masters of the universe would read the views of Egyptian industrialist and billionaire investor Nassef Sawiris with begrudging respect this week. 'Private equity has seen its best days . . . They can't exit. Exits are so tough,' Sawiris told the Financial Times.
