Born in the town of Metsovo (Epirus, Greece, then Ottoman Empire), Averoff moved to Alexandria while still young.
At the same time he participated in banking and real estate (buying and leasing land) while, thanks to his many riverboats travelling up and down the Nile, he managed to dominate Egypt's domestic and foreign trade.
According to the diary of Nicholas Papadam, which is part of the Sudanese archives, in 1872 George Averoff toured in all commercial centers flourished at that time (Khartoum, Sennar, Gedareff, Kasala, etc.)
Finally, he chose an area in Omdurman which became the trade station of the ships that cross Nile, transferring goods from Egypt to Sudan and vice versa.
In gratitude for his generous donations and services, the Greek state declared him a Major National Benefactor and commissioned a marble statue of him which was placed in front of the Panathenian Stadium.