DD sits down with Egypt’s richest man

DD sits down with Egypt’s richest man

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

One thing to start: Warren Buffett’s Berkshire Hathaway sold 10mn shares of Apple in the final three months of 2023, cutting into a position that the so-called Oracle of Omaha has described as one of the “four giants” that account for the vast majority of the conglomerate’s overall value.

In today’s newsletter:

An Egyptian billionaire speaks about his empire

Egypt’s richest man Nassef Sawiris grants few interviews.

So there was a lot to discuss when the 63-year-old invited DD into his lavish offices overlooking London’s Berkeley Square last month. Our conversation delved into everything from his ownership of English football club Aston Villa to the $7bn of asset sales he has just cut at his chemicals group OCI.

The billionaire executive, the youngest of three brothers born into a prominent Egyptian construction family, has had a fascinating career that has put him inside boardrooms ranging from Adidas to the cement giant Lafarge.

He is now at another turning point, he told DD’s Arash Massoudi and Ivan Levingston.

OCI, the Dutch-listed chemical and fertiliser group, forms the bulk of Sawiris’ $8bn fortune.

After coming under pressure last year from activist investor Jeff Ubben, OCI embarked on