May 19, 2020

Africa's top five billionaires

Bizclik Editor
3 min
Africa's top five billionaires
Africa is richch in natural resources that rake in a lot of revenue. But there are also other emerging sectors of the economy proving to be very profitable for those involved in business.

The continent boasts a lot of self-made billionaires, who started their empires from nothing, but there are also those lucky few who built their fortune from inherited wealth. Egypt definitely dominates the top spots for the wealthiest men in Africa. We present our chosen five top billionaires who have now made this league their very own.

Number 1: Mohammed Al Amoudi
Ethiopia’s richest man as well as the richest black person in the world Mohammed Al Amoudi is worth $10 billion.

His broad portfolio of businesses include oil, mining, agriculture, hotels, hospitals, finance, operations and maintenance. He also owns Swedish refinery Preem and Svenska Petroleum, which made big plays in Guinea-Bissau, Nigeria and Angola in 2008.

Al Amoudi has invested more than $1 billion in Ethiopia. He controls his vast business conglomerate through two holding and operating companies, Corral Petroleum Holdings and MIDROC. He employs over 40,000 people through these companies.

Al Amoudi holds an honorary doctorate in Philosophy from Ethiopia’s Addis Ababa University.

Number 2: Nassef Sawiris
Estimated to be worth $5.9 billion, Nassef Sawiris has been a director and the CEO of OCI since its incorporation in 1998 and assumed chairmanship in 2010.
Sawiris has overseen the construction activities of Orascom since 1990. He is also a director on the board as well as one of the largest shareholders in Lafarge S.A., the world’s leading building materials conglomerate.

In addition, he is also the director of the Dubai International Financial Exchange (Nasdaq DIFC) and of NNS Holding, a privately-owned investment group.
Sawiris holds a BA in Economics from the University of Chicago. He was born in 1961 and is an Egyptian citizen, son of Onsi and brother of Naguib, also on the list.

Number 3: Nicky Oppenheimer & Family
Nicky Oppenheimer is chairman of the De Beers Group and as such chairman of De Beers SA, De Beers Consolidated Mines and De Beers Centenary AG. He is also a non-executive director of Anglo American PLC.

Educated at Harrow School and Christ Church in Oxford, England, Oppenheimer read Politics, Philosophy and Economics.

He joined the Anglo American Corporation in 1968 as the personal assistant to the chairman, and worked subsequently in the gold and diamond divisions of the corporation. He spent 18 months in the London office of De Beers before returning to Johannesburg in 1975 to join the Gold Division.

He is estimated to be worth $5 billion dollars.

Number 4: Onsi Sawiris
Egyptian businessman Onsi Sawiris is one of the richest men in Africa. Along with his family, he is estimated to be worth approximately $3.1 billion by Forbes magazine.

Through his Orascom Construction, a joint-venture with Swiss cement giant Holderbank, Sawiris controls 25 percent of the Egyptian cement market.

Sawiris expanded his telecommunications business last year by acquiring the third largest telecommunications company, Wind Hella Telecommunications, in a multibillion dollar deal, 51 percent of which went to Orascom Telecom.

Number 5: Naguib Sawiris
Naguib Sawiris, son of Onsi, heads Orascom Telecom Holding (OTH), one of the largest mobile providers in the Middle East, Africa and South Asia. Holding a Masters in Technical Adminstration from the Swiss Institute of Technology he is charismatic, flamboyant a consummate dealmaker.

His wealth is an estimated $2.5 billion.

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Jun 11, 2021

G7 Summit guide: What it is and what leaders hope to achieve

3 min
Business Chief delves into what the G7 is and represents and what its 2021 summit hopes to achieve, in terms of sustainability and global trade

Unless you’ve had your head buried in the sand, you’ll have seen the term ‘G7’ plastered all over the Internet this week. We’re going to give you the skinny on exactly what the G7 is and what its purpose on this planet is ─ and whether it’s a good or a bad collaboration. 


Who are the G7?

The Group of Seven, or ‘G7’, may sound like a collective of pirate lords from a certain Disney smash-hit, but in reality, it’s a group of the world’s seven largest “advanced” economies ─ the powerhouses of the world, if you like. 

The merry band comprises:

  • Canada
  • France
  • Germany
  • Italy
  • Japan
  • The United Kingdom
  • The United States

Historically, Russia was a member of the then-called ‘G8’ but found itself excluded after their ever-so-slightly illegal takeover of Crimea back in 2014.


Since 1977, the European Union has also been involved in some capacity with the G7 Summit. The Union is not recognised as an official member, but gradually, as with all Europe-linked affairs, the Union has integrated itself into the conversation and is now included in all political discussions on the annual summit agenda. 


When was the ‘G’ formed?

Back in 1975, when the world was reeling from its very first oil shock and the subsequent financial fallout that came with it, the heads of state and government from six of the leading industrial countries had a face-to-face meeting at the Chateau de Rambouillet to discuss the global economy, its trajectory, and what they could do to address the economic turmoil that reared its ugly head throughout the 70s. 


Why does the G7 exist?

At this very first summit ─ the ‘G6’ summit ─, the leaders adopted a 15-point communiqué, the Declaration of Rambouillet, and agreed to continuously meet once a year moving forward to address the problems of the day, with a rotating Presidency. One year later, Canada was welcomed into the fold, and the ‘G6’ became seven and has remained so ever since ─ Russia’s inclusion and exclusion not counted. 


The group, as previously mentioned, was born in the looming shadow of a financial crisis, but its purpose is more significant than just economics. When leaders from the group meet, they discuss and exchange ideas on a broad range of issues, including injustice around the world, geopolitical matters, security, and sustainability. 


It’s worth noting that, while the G7 may be made up of mighty nations, the bloc is an informal one. So, although it is considered an important annual event, declarations made during the summit are not legally binding. That said, they are still very influential and worth taking note of because it indicates the ambitions and outlines the initiatives of these particularly prominent leading nations. 


Where is the 2021 G7 summit?

This year, the summit will be held in the United Kingdom deep in the southwest of England, with Prime Minister Boris Johnson hosting his contemporaries in the quaint Cornish resort of Carbis Bay near St Ives in Cornwall. 

What will be discussed this year? 

After almost two years of remote communication, this will be the first in-person G7 summit since the novel Coronavirus first took hold of the globe, and Britain wants “leaders to seize the opportunity to build back better from coronavirus, uniting to make the future fairer, greener, and more prosperous.”


The three-day summit, running from Friday to Sunday, will see the seven leaders discussing a whole host of shared challenges, ranging from the pandemic and vaccine development and distribution to the ongoing global fight against climate change through the implementation of sustainable norms and values. 


According to the UK government, the attendees will also be taking a look at “ensuring that people everywhere can benefit from open trade, technological change, and scientific discovery.” 


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