{"id":566596,"date":"2021-06-29T13:58:27","date_gmt":"2021-06-29T13:58:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/29\/tonight-our-condolences-to-the-sawiris-family-g20-ministers-meet-in-italy-also-israeli-foreign-minister-yair-lapids-first-visit-is-to-uae\/"},"modified":"2021-06-29T13:58:27","modified_gmt":"2021-06-29T13:58:27","slug":"tonight-our-condolences-to-the-sawiris-family-g20-ministers-meet-in-italy-also-israeli-foreign-minister-yair-lapids-first-visit-is-to-uae","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/29\/tonight-our-condolences-to-the-sawiris-family-g20-ministers-meet-in-italy-also-israeli-foreign-minister-yair-lapids-first-visit-is-to-uae\/","title":{"rendered":"TONIGHT: Our condolences to the Sawiris family. + G20 ministers meet in Italy. ALSO: Israeli Foreign Minister Yair Lapid\u2019s first visit is to UAE."},"content":{"rendered":"

We have one more sleep cycle to go before the three-day weekend<\/strong>, ladies and gentlemen. We hope you\u2019re looking forward to it as much as us.<\/p>\n

<\/a> The business community bids farewell to Onsi Sawiris Sr<\/strong>: Before we dive into today\u2019s stories, we are sorry to report that Sawiris family patriarch, Onsi Sawiris, has passed away at the age of 91, according to several local press sources from Youm7<\/a> to Al Masry Al Youm<\/a> and Masrawy<\/a>. Bloomberg<\/a> also had the story.<\/p>\n

A titan of Egyptian business: <\/strong>Onsi started out his career in construction with the founding of Lamei and Onsi in 1952 \u2014 the predecessor of construction behemoth Orascom Construction Industries (OCI). Sawiris had a net worth standing at around USD 1 bn as of 2021, according to Forbes<\/a> data.<\/p>\n

His story mirrors the ups and downs of Egypt\u2019s private sector: <\/strong>Being the consummate survivor, Sawiris had withstood Gamal Abdel Nasser\u2019s nationalization efforts. He took his business to Libya before returning to Egypt 12 years later to set up his construction empire in 197<\/a>6<\/a>.<\/p>\n

Hear his amazing life story in his own words here (<\/strong>watch, runtime 16:11<\/a><\/strong>)<\/strong>.<\/strong><\/p>\n

He is survived by his three sons Naguib, Nassef, and Samih <\/strong>who are the heads of Orascom Investment Holding<\/a>, NNS Holding<\/a>, and Orascom Development Holding<\/a> respectively and his grandson Onsi<\/strong>, who heads VC firm HOF Capital<\/a>.<\/p>\n

His work has also spawned several major corporations that are now household names with outstanding stories<\/strong>, including Orascom Construction<\/a>, Orascom Financial Holding<\/a>, and OCI NV<\/a>, the region\u2019s largest fertilizer producer.<\/p>\n

The <\/strong>funeral<\/strong> service will be limited to family members<\/strong>, yet the exact date has not yet been set, sources told Youm7. Funeral mass is being held today<\/a> in Gouna.<\/p>\n

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THE BIG STORY TODAY- Is the privatization program coming back to life in September?<\/strong> That\u2019s the message coming from Financial Regulatory Authority boss Mohamed Omran, who suggested in a presser today that up to three state companies might sell shares in the bourse.<\/p>\n

AND THERE\u2019S MORE- Omran is apparently going to announce tomorrow Egypt\u2019s maiden corporate green bond sale.<\/strong> While he\u2019s keeping quiet about who\u2019s issuing the bonds, we speculate that our friends at CIB will be the ones to pull the trigger. We cover details of his statement in the Speed Round below.<\/p>\n

** CATCH UP QUICK <\/strong>on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n