Spotlight
Orascom
Information last updated on 6 May 2024
About the Founder and Founding Story
Onsi Sawiris was born in 1930 in Sohag, in northern Egypt.[9] He came from a well-off Coptic Christian family and was the youngest of four children: Murad, Mukhtar, Samiha, and Onsi.[10] His father was a lawyer and a landowner.[11] In 1950, he completed an undergraduate degree in agricultural engineering at Cairo University, abiding by his father’s wishes that he oversee the family’s land, given his brothers’ pursuit of legal careers.[12] After working two years in agriculture, he grew disenchanted with the field and changed his career trajectory.[13] In 1952 he established his own business—a construction contracting firm that focused on excavating irrigation canals and paving roads.[14] In 1953, Onsi married Yousriya Loza and together they had three children: Naguib (b. 1954), Samih (b. 1957), and Nassef (b. 1961).[15] By the late 1950s, Onsi’s business had begun to secure large-scale public works contracts, including projects to construct a network of canals and basins for the Ministry of Irrigation.[16]
In 1961, the business was nationalized under Gamal Abdel Nasser and renamed the El Nasr Civil Works Company; Onsi continued as an executive manager of the nationalized company for five years. Unwilling to remain an employee in the firm he had established and seeking to explore construction opportunities abroad, he migrated to Libya. Meanwhile, his wife and children stayed in Egypt.[17]
Growth Phase
Onsi eventually returned to Egypt, where the business climate was now more favorable, and founded Orascom Onsi Sawiris & Co. (OOSC) as a general contractor and trading company in 1976.[18] All three of his sons had gone overseas to pursue their studies: Naguib, the eldest, attended the Polytechnic in Zurich; Sameeh studied engineering in Berlin; and Nassef studied economics at the University of Chicago. After graduation, all three joined their father in the family business.[19]
In the 1980s, the Sawiris business thrived, diversifying beyond construction into cinema operation, starting with theater remodeling, and the restaurant and hotel industries.[20] The business also grew internationally. In 1985, OOSC established Contrack International LLC (Contrack) in Virginia, USA.[21] By the end of the decade, the company had expanded into the Eastern European market.[22]
Over the next decade, the Orascom conglomerate evolved into three major groups: Orascom Telecom Holding (OTH), Orascom for Hotels and Development (OHD), and Orascom Construction Industries (OCI).[23] Onsi began transferring control of his companies to his sons. Naguib became the head of OTH, Sameeh led OHD, and Nassef was tasked with developing OCI as CEO.[24] In 1998, OOSC transitioned from a limited partnership to a joint-stock company and rebranded itself as Orascom Construction Industries S.A.E. (OCI S.A.E).[25] In 1999, OCI S.A.E. went public and soon ranked among the Cairo Exchange’s top five companies, alongside sister companies OTH and OHD.[26]
In 2003 and 2004, respectively, the company entered the European and Pakistani construction markets. It also began construction of new plants in Nigeria, Iraq, and the United Arab Emirates.[27] In 2011, Naguib Sawiris stepped down as chairman of Orascom Telecom Holding.[28]
In 2013, OCI N.V., a Dutch subsidiary of OCI S.A.E., began acquiring all shares of OCI S.A.E. By 2014, OCI N.V. had secured a majority stake, completing the acquisition early that year.[29] In 2015, Orascom Construction was demerged from OCI N.V. and dual-listed on NASDAQ Dubai and the EGX.[30] In 2021, Onsi passed away at the age of 91.[31] Around the same time, Sameeh Sawiris stepped down as chairman of Orascom Development Holding, the parent company of Orascom Hotels and Development.[32]
Today
Today, Orascom Construction PLC is no longer under the direct leadership of the Sawiris sons; however, they remain major shareholders.[33]The company is currently led by CEO Osama Bishai.[34] The third generation of the Sawiris family is engaged in the business, with Naguib Sawiris assuming the role of Chairman of the Board at Orascom Development Holding since 2022.[35] Headquartered in Dubai and with over 65,000 employees, Orascom Construction Industries operates as a holding company for more than 20 subsidiaries spanning 30 countries across the Middle East, Africa, and the United States.[36]
Notes
Photo Credit: Onsi Sawiris in Cairo, 2006. Image Credit: Photographers: Axel Krause/laif/Redux. Image Source: Waya Media.
[1] Pederson, Jay P., editor. International Directory of Company Histories. St. James Press, 2007, https://archive.org/details/internationaldir0087unse/page/n9/mode/2up. Accessed 3 May 2024.
[2] “2022 ANNUAL REPORT.” Orascom Construction, https://orascom.com/wp-content/uploads/2022-Annual-Report.pdf. Accessed 3 May 2024.
[3] “كيف صنعت ثروة عائلة ساويرس؟ مع سميح ساويرس في مخيال | مع عبدالله البندر.” YouTube, https://www.youtube.com/watch?v=zjIhdOUH9us&t=69s. Accessed 4 May 2024.
[4] Guillen, Mauro F., and Esteban Garcia-Canal. Emerging Markets Rule: Growth Strategies of the New Global Giants. McGraw-Hill Education, 2013, https://archive.org/details/emergingmarketsr0000guil/page/98/mode/2up?q=%22Onsi+Sawiris%22. Accessed 3 May 2024.
[5] Orascom Construction: Home, https://orascom.com/. Accessed 3 May 2024.
[6] ORASCOM CONSTRUCTION PLC Interim Consolidated Financial Statements, https://candidocs.nasdaqdubai.com/2021/Aug/28/d3a1e5b7-7495-4f02-8dbb-fba9266442e6/H1%202021%20Reviewed%20Financial%20Statements.pdf. Accessed 6 May 2024.
[7] Pederson, Jay P., International Directory of Company Histories.
[8] “2022 ANNUAL REPORT.” Orascom Construction.
[9] Pederson, Jay P., International Directory of Company Histories.
[10] Ibid.
“رحيل «الأب الروحى» لآل ساويرس.” Ahram, 2021, https://gate.ahram.org.eg/daily/News/203800/1179/814149/%D8%A7%D9%84%D8%B5%D9%81%D8%AD%D8%A9-%D8%A7%D9%84%D8%AB%D8%A7%D9%86%D9%8A%D8%A9/%D8%B1%D8%AD%D9%8A%D9%84-%C2%AB%D8%A7%D9%84%D8%A3%D8%A8-%D8%A7%D9%84%D8%B1%D9%88%D8%AD%D9%89%C2%BB-%D9%84%D8%A2%D9%84-%D. Accessed 3 May 2024.
[11] Pederson, Jay P., International Directory of Company Histories.
[12] “مساء الخير | فيلم تسجيلي يرصد مشوار رجل الأعمال الراحل أنسي ساويرس.” YouTube, https://www.youtube.com/watch?v=FrM0V01coe8. Accessed 4 May 2024.
“Orascom patriarch Onsi Sawiris dies aged 91, Al Arabiya reports.” Arab News, 29 June 2021, https://www.arabnews.com/node/1885406/business-economy. Accessed 4 May 2024.
[13] “مساء الخير | فيلم تسجيلي يرصد مشوار رجل الأعمال الراحل أنسي ساويرس.”
[14] Ibid.
“فيلم تسجيلي عن المهندس أنسي ساويرس باحتفالية المركز الثقافي القبطي الأرثوذكسي.” YouTube, https://www.youtube.com/watch?v=zHrpw7KWeII. Accessed 4 May 2024.
[15] “رحيل «الأب الروحى» لآل ساويرس.” Ahram, 2021.
“Orascom: Why is the Sawiris family so successful?” LinkedIn, https://www.linkedin.com/pulse/orascom-why-sawiris-family-so-successful-africa-partners-gmbh/. Accessed 3 May 2024.
[16] Pederson, Jay P., editor. International Directory of Company Histories.
[17] “مساء الخير | فيلم تسجيلي يرصد مشوار رجل الأعمال الراحل أنسي ساويرس.”
“Orascom Construction Industries Onsi Sawiris Scholarship Program.” Amideast Organization, https://www.amideast.org/sites/default/files/otherfiles/egypt/orascom_11_12.pdf. Accessed 4 May 2024.
Pederson, Jay P., editor. International Directory of Company Histories.
[18] “2022 ANNUAL REPORT.” Orascom Construction.
“مساء الخير | فيلم تسجيلي يرصد مشوار رجل الأعمال الراحل أنسي ساويرس.”
[19] Metcalfe, Beverly Dawn, and Fouad Mimouni, editors. Leadership Development in the Middle East. Edward Elgar, 2011. Accessed 6 May 2024.
[20] Pederson, Jay P., editor. International Directory of Company Histories.
[21] “2022 ANNUAL REPORT.” Orascom Construction.
[22] Pederson, Jay P., editor. International Directory of Company Histories.
[23] “Orascom Empire: Onsi Sawiris, Where it All Began.” Amwal Al Ghad, https://en.amwalalghad.com/orascom-empire-onsi-sawiris-where-it-all-began/. Accessed 4 May 2024.
[24] “2022 ANNUAL REPORT.” Orascom Construction.
[25] “About.” Orascom Construction, https://orascom.com/about/. Accessed 4 May 2024.
[26] Pederson, Jay P., editor. International Directory of Company Histories.
“Global Investment House.” http://content.argaam.com.s3-eu-west-1.amazonaws.com/7bd220db-9263-4ef4-b852-a022865c9118.pdf. Accessed 4 May 2024.
[27] Pederson, Jay P., International Directory of Company Histories.
[28] “World Trade Organization.” Mr. Naguib Sawiris Executive Chairman – Orascom Telecom Media and Technology Holding S.A.E (Under Establishment) Founder – O, https://www.wto.org/english/forums_e/public_forum11_e/bio_naguib_sawiris_e.pdf. Accessed 6 May 2024.
[29] “OCI N.V Global Entrepreneurial Growth: 2013 Annual Report.” 2013, https://oci-global.com/storage/2023/02/oci-nv-2013-annual-report-finalff.pdf. Accessed 17 July 2024.
[30] “About.” Orascom Construction, https://orascom.com/about/.
[31] “Orascom patriarch Onsi Sawiris dies aged 91, Al Arabiya reports.” The National News
[32] Tabikha, Kamal. “Samih Sawiris steps down as chairman of Orascom Development Holding.” The National, 15 December 2021, https://www.thenationalnews.com/business/2021/12/15/samih-sawiris-steps-down-as-chairman-of-orascom-development-holding/. Accessed 6 May 2024.
“Orascom Development Holding AG Consolidated Financial Statements.” Muabsher Info, https://static.mubasher.info/File.Mix_Announcement_File/E9D24616-8ACC-4849-B47A-BF4AC0566216.pdf. Accessed 17 July 2024.
“About us.” Orascom Development, https://www.orascomdh.com/about. Accessed 6 May 2024.
[33] “About.” Orascom Construction.
“Shareholding Disclosure Date: 13 September 2022 Name: The Sawiris Family members, entities held for their benefit, and OS Privat.” Orascom Construction, 13 September 2022, https://orascom.com/wp-content/uploads/Shareholding-Disclosure-Transfer-of-Sawiris-Family-Shares.pdf. Accessed 6 May 2024.
[34] “Orascom Construction Appoints New Group Chief Financial Officer.” Orascom, https://orascom.com/updates/orascom-construction-appoints-new-group-chief-financial-officer/. Accessed 21 May 2024.
[35] “About us.” Orascom Development, https://www.orascomdh.com/board-members/Naguib_Samih_Sawiris. Accessed 17 July 2024.
[36] ORASCOM CONSTRUCTION PLC Interim Consolidated Financial Statements.
“About.” Orascom Construction.
Pederson, Jay P., International Directory of Company Histories.
To cite this article please use:
“Orascom” Family Business Histories Research Project, New York University Abu Dhabi and Tharawat Family Business Forum, 10 Sep. 2024, familybusinesshistories.org/spotlights/Orascom