Arab Finance: Egyptian billionaire Nassef Sawiris has closed the London branch of his family office, NNS Group, after giving up his UK residency, according to regulatory filings that point to broader shifts in the country’s wealth management landscape following tax changes.
Filings show that NNS Group has submitted a final notice to wind down its London entity by the end of this month, completing a voluntary dissolution process that began about a year ago.
Sawiris, 65, who is now based in Italy and Abu Dhabi, had already withdrawn most of his equity from the firm in early 2025 after stepping down as a director months earlier. A representative for Sawiris declined to comment.
The move places Sawiris among a growing number of high-net-worth individuals leaving the UK after the introduction of higher taxes on foreign residents.
The measures were implemented under Keir Starmer’s Labour government and expanded on reforms initially proposed by the Conservative Party in 2024. Other prominent departures include tech investor Christian Angermayer and Guillaume Pousaz, founder of Checkout.com.
