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Egyptian tycoon is world’s richest Arab: Forbes

A number of Arab nationals are getting richer every year and so far, at least 30 of them have made it to the club of world’s wealthiest people on earth.

Following its annual ranking of billionaires around the world, Forbes announced on Thursday that 31 mega-wealthy individuals in the Arab world now own an estimated net worth of $76.7 billion, which is equivalent to a staggering Dh281 billion.

Their aggregate fortunes, however, have dropped from last year’s $123.4 billion, as 11 Saudi billionaires have been excluded from the 2018 rankings.

The list is dominated by UAE and Lebanon, with seven billionaires each, followed by Egypt, with six billionaires, and Kuwait, with four. Two billionaires from Morocco, and another two each from Oman and Qatar, also made it to the global rankings. One billionaire from Algeria also qualified for the wealthiest Arab club.

Taking the crown as the richest Arab is Nassef Sawiris from Egypt, who has accumulated $6.6 billion worth of fortunes as of March 2018.  The 57-year-old businessman is a scion of Egypt’s wealthiest family. He has interests in construction and chemicals, and his holdings include stakes in cement giant Lafarge Holcim and Adidas.

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Kohan Textile Journal is the leading magazine for the Textile industry, Textile machinery, Synthetic Fibers and Nonwovens in MENA region (the Middle East and North Africa) and is published every two months. It basically emphasizes on textile machinery, textile products, carpet and synthetic fibres distributed among the factories, manufacturers, and traders of floorcovering industries.l

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