NNS Group, the single-family office and privately owned investment group founded by Nassef Sawiris, is to redomicile from London / Luxembourg to Abu Dhabi during the course of 2024.
Subject to Abu Dhabi's Global Market's approval, NNS Group will open an office in the ADGM.
Following the re-domiciliation, Sawiris will continue to be executive chairman of NNS Group, it said in a statement earlier this week.
NNS Group's long-term capital allows the group to invest across the economic cycle through constructive and engaged corporate relationships.
NNS Group further said it aims at building significant stakes in a concentrated number of companies, mainly, but not exclusively, in Europe, the Middle-East and North America, acting as an engaged long-term investor and professional, responsible shareholder. ADGM would "provide an environment that is pivotal for the further growth of NNS' business and investment opportunities".
ADGM has strategically focused on the attraction of family offices and has developed infrastructure required for capital preservation and creation. As such, the creation of an investment platform in the UAE fits into NNS Group's long-term objectives, it said.
"Value creation through the continuous and sustainable growth of its concentrated listed equity portfolio and its more diversified, non-disclosed and non-public participations is one of NNS Group's key pillars. NNS Group brings support to its portfolio companies with deep operating and industrial understanding of several sectors, financial strength and long-term capital, strong focus on high standards of corporate governance, entrepreneurial heritage and rapid decision-making supported by a robust operations team and a track-record of mergers and acquisitions, complex financial transactions and capital markets transactions", the statement said.
Nassef Sawiris, executive chairman of NNS Group said: "I am delighted to announce our long-term commitment to the UAE and ADGM in particular. ADGM has demonstrated its substantial contribution to the value creation within NNS Group. The IPO of Fertiglobe PLC by its long-term partners Adnoc and OCI Global in 2021 is one example.
"The importance of the UAE to the worldwide financial ecosystem makes NNS believe the transition of its key activities to the UAE will contribute to the further development and growth of its portfolio and core activities".
Arvind Ramamurthy, chief market development officer at ADGM said: " We look forward to welcoming the NNS Group into our expanding ADGM community. NNS Group's decision to redomicile and establish an office in ADGM highlights our commitment to creating a favorable environment for family offices and investors seeking growth and stability. We look forward to supporting NNS Group's long-term objectives and contributing to their continued success in the UAE and beyond."
