Naguib Sawiris has always been a force to be reckoned with, in business, politics and even international relations. Charismatic and forthright, the Egyptian entrepreneur is a visible catalyst of change in the Middle East and North Africa (MENA). He has won a reputation as a risk-taker and a critic of constraints on freedom, as well as a bellwether of the region’s economic health.
“Patience is not one of my virtues,” Sawiris admits. “My approach is to be daring and diligent, ahead of my time and the competition. I am driven by the excitement of new ventures and new challenges. I love the diversity they bring to life and learning and, of course, the fulfillment you get when you finally reach your goal. I don’t recall any opportunity I did not grab immediately. I’m very good at spotting opportunity.”
Sawiris made billions by revolutionizing mobile telecoms in the Middle East and Africa through Orascom Telecom Holding. He founded the Free Egyptians Party in 2011 to represent liberal, secular interests in response to the rise of the Muslim Brotherhood in his homeland. And, last September, he offered to purchase a Mediterranean island from Greece to house refugees fleeing from conflict in Syria. The offer is still with the Greek government.
“We are going to make Belcap an important investment bank for Egypt, both nationally and internationally.” Naguib Sawiris
Last summer, his Media Globe Networks spent $40 million to snap up a majority stake in Euronews, the multilingual television news network.
As viewing habits change and younger generations focus on smaller screens, Sawiris believes the sector, like all traditional media, is ripe for disruption: “If an entrepreneur could move in and reinvent the industry, it would flourish,” he declares. “We were confident we could create value by bringing in an accelerated concentration on digital.”
Sawiris’ latest passion is finance—“something I always wanted to get into,” he says—and he is now planning to take on MENA’s investment banking incumbents by putting together an entirely new player, via an strategic acquisitions drive that began late last year. First, he bought out Beltone Financial for $83 million last November and, this February, announced a bid to purchase CI Capital Holding in another deal worth $104 million.
“We plan to combine them to create a larger, more competitive company,” Sawiris explains, “and then build that up by adding other activities, like leasing and micro-finance, to develop a new financial group, Belcap. The values of Beltone’s shares on the stock market have quadrupled, because people believe in me and my vision. We are going to make Belcap an important investment bank for Egypt, both nationally and internationally.
Sawiris insists there is now more opportunity than ever for financial players to be disruptive in non-core operations: “They are now ripe to be taken over by banks like ours,” he declares.
“I had vowed to invest in Egypt, as I believe the economy is bouncing back. It is a prime time to invest here.”
With a track record in mergers and acquisitions Sawiris has M&A deals worth $65 billion and borrowed $48 billion during his career, by his calculations—has given him the kind of experience and expertise required to replicate his success in banking: “Other people who might think of getting into this industry don’t have the courage or the vision to excel,” he feels. “They are afraid of failure. If you are afraid of failure, you fail.”
