RaoufGhabbour was characterized by several traits, mainly rejecting despair and surrender. He had began achieving successes since the age of seven, he was able to form a personal wealth that exceeded half a million pounds by the end of his university years. While he was working as an employee in the tire sector of the Gabbour BrothersCompany, he managed to raise the monthly sales value from 50 thousand dollars to five million dollars in no more than two years, achieving for the company huge profits! Nonetheless, he was exposed to a number of severe crises, which he was able to overcome with his superior ability of perseverance and rejecting surrender. The first crisis lasted from October 1981 until September 1982, coinciding with the assassination of Al-Sadat and the collapse of the Egyptian pound, followed by the economic collapse. Regarding this period, he said: “The crises and losses began to accumulate over our heads while the sales movement at the market stopped, and the interest of the dollarincreased by 25%.” Nevertheless, he did not give up like many businessmen who decided to flee, but rather tried to resort to the best solutions to overcome the crisis, so he preferred to sell his goods at low prices, enduring daily loss-that amounted to 100 thousand pounds- to the stagnation and bankruptcy of his trade, and he began to reach the retailer on his own, a precedent that nobody has ever done before in Egypt! RaoufGhabbour recalls: “Some businessmen decided to escape, and others were imprisoned. As for me and my family, we decided to persevere and challenge. I was just crying to myself because of these continuous losses.”
This was not the only stumbling block in RaoufGhabbour’s journey; in 1999 he faced a second stumble in his private companies when he started the enterprise in a wrong and hasty manner, but he rectified the situation and was able to pass through it, saying: “I also learned never to give up or surrender… I decided to resist and never to fall desperate, but rather to face all circumstances… Through believing in my goal and not despairing, I was able to pay off all debts – thank God. Rejecting despair has remained mylifestyle at all times.” Indeed, in 2007 he got rid of most of the debts, his business grew again, and new stages of success showed up: he offered 30% of the company’s shares in a public subscription, and in the following year he founded the GB Leasing Company – a company to provide financing solutions in the field of cars, real estate, and production lines. In 2009 he worked in the field of microfinance, establishing Mashrooei Company and Tasaheel Company for cash lending, in 2012 he launched Drive Company to sell cars in installments, followed by the establishment of I’teman Company for medium and small projects. Thus, successes followed until he became the founder of a number of companies in 2021: including Forsa Company for consumer financing, Raseedy Company for electronic payment, and Kaf Company for life insurance. In March 2021, he officially submitted his resignation, and Nader Ghabbour was appointed as CEO of the group. Thus, rejecting despair led him to recover successes and pass through crises until he wrote: “I have a reasonable record of success, after I succeeded in leading my companies through difficult and existential financial crises… I transformed my companies from almost bankrupt, suffering from the scourge of debts of billions, to one of the largest industrial and financial castles in Egypt… I bet a lot on my ability to stand up, walk then run after I stumbled and fell…”
After all, I would like to stop at a very important trait that distinguished the businessman Dr. RaoufGhabbour, a trait inherited from his family members: good reputation, he was keen to build a good reputation with all whom he dealt with, so it was a reason helped in overcoming crises and… Stories about beautiful Egypt never end!
General Bishop
Head of the Coptic Orthodox Cultural Center
