Arabian Business Rich List 2010
Thu 16 Dec 2010 10:41 AM
Ahmed and Hassan Heikal

Ahmed and Hassan Heikal

Industry: Banking & Finance

Company: Citadel Capital

Country: Egypt

Wealth: 1.78 Billion

With their valuable Wall Street expertise, brothers Ahmed and Hassan Heikal have almost single-handedly transformed Egypt’s financial industry into a major regional force.

A former Goldman Sachs financier, Hassan joined EFG-Hermes fifteen years ago and was elevated to the rank of CEO in 2005. Under his leadership, the Egyptian investment bank has become the largest in the Arab world with listings on the Cairo and London stock exchanges. And it can count Vodafone Plc, Sainsbury’s, Heineken, and PepsiCo as some of its clients. This year the group signaled an expansion into commercial banking when it bought controlling interest in Credit Libanais in November.

Stanford-educated Ahmed was also an EFG-Hermes banker but left to start a private equity boutique, Citadel Capital, in 2004. The firm manages $4bn in assets across the Middle East and Africa, and controls nineteen platform investments in energy, cement, specialty real estate, mining, finance, agribusiness, glass manufacturing, transportation, metallurgy and solid waste management. The latest deals include a $1bn partnership in Uganda to build small- and medium-sized power plants.