RIYADH: Egyptian billionaire Onsi Sawiris has died at age of 91, Al Arabiya reported.
The father of Naguib Sawiris, chairman and CEO of Orascom Telecom Holding, was born on Aug. 14, 1930.
After graduating from Cairo University in 1950 with a BA in Agroculture, he started work in a contracting company involved in road paving and digging irrigation canals, that was later nationalized.
Sawiris remained the head of the company for five years before he moved to Libya in 1966, and worked there in contracting before returning to Egypt in the mid-70s.
Onsi Sawiris founded Orascom General Contracting and Trade in 1976, known later as Orascom Construction Industries.
His company’s activity expanded in the 1980s and 90s, to include tourism, hotels, computer services and mobile phones.
By the time of his death the group had become one of the best known corporate names in Egypt.
Orascom patriarch Onsi Sawiris dies aged 91, Al Arabiya reports
https://arab.news/vhsme
Orascom patriarch Onsi Sawiris dies aged 91, Al Arabiya reports
- The father of Naguib Sawiris, chairman and CEO of Orascom Telecom Holding, was born on Aug. 14, 1930
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
