Forbes Release the Top 10 richest Egyptian in 2018

This article seems to give the top 10 richest Egyptian people in 2018. Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt’s economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 pursued business climate reforms to attract foreign investment and facilitate growth.

In 2015-16, higher levels of foreign investment contributed to a slight rebound in GDP growth after a particularly depressed post-revolution period. In 2016, Cairo enacted a value-added tax, implemented fuel and electricity subsidy cuts, and floated its currency, which led to a sharp depreciation of the pound and corresponding inflation. In November 2016, the IMF approved a $12 billion, three-year loan for Egypt and disbursed the first $2.75 billion tranche.

Here are the top 10 richest Egyptian in 2018.

10. Raouf Ghabbour

richest Egyptian

Raouf Ghabbour is the CEO and Chairman of the Ghabbour Auto which is named as “GB Auto” which is the Cairo based manufacturing firm of automobiles, trucks, buses and motorcycles. He holds the 31 percent stakes of the company, which was founded by Ghabbour Brothers in 1999. GB Auto manufactures vehicle brands included the Hyundai, Mazda, Geely, Volvo, Marcopolo, Mistubishi, Bajaj, Iveco Irisbus, Lassa and Yokohama. Raouf Ghabbour estimated net worth is US $ 440 million and he is ranked at No. 10 in the list of top 10 richest people of Egypt.

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