Egyptian Billionaire Naguib Sawiris Adds $110 Million to His Fortune in Just 5 Days

Naguib Sawiris, Egypt’s second-richest man, now has a fortune of over $6 billion thanks to recent investments in the Middle East and North Africa.

Sawiris, Egypt’s second-richest man and one of Africa’s wealthiest individuals, has seen his net worth increase by $110 million over the past 5 days, from $6.18 billion on Feb. 15 to $6.29 billion, according to the Bloomberg Billionaires Index, which tracks the assets of billionaires worldwide.

With this rebound, the top Egyptian business magnate — widely considered as one of the most powerful figures in the Middle East and North Africa — has reduced his year-to-date wealth losses to $190 million.

His recent $110-million fortune increase, which strategically offsets previous losses, is credited to the recent performance of his interests in real estate, telecommunications, and mining. He lost about $200 million between January 1 and 15.

His portfolio also includes investments in La Mancha Resources and Endeavor Mining, a publicly traded gold miner headquartered in the Cayman Islands and listed on the London Stock Exchange (LSE).

The increase in his fortune cements his position as Egypt’s second-richest individual and among Africa’s most affluent billionaires – with a net worth of $6.29 billion, Naguib Sawiris is now the world’s 417th richest man.

Naguib Sawiris presently has cash and private assets after selling interests in the Russian telecommunications company Vimpelcom between 2011 and 2012.

His 37% stake in publicly traded Orascom Investment Holding is indirectly held by a corporation called OTMT Acquisition Sarl. This Cairo-based firm was formed from the merging of Vimpelcom and Orascom’s former parent company, Orascom Telecom Holding.

The $110-million increase in his fortune, his first of the year, demonstrates his entrepreneurial prowess as a prominent person in the economic world; it emphasizes his huge investments and substantial holdings, confirming his success as a top businessman on the African continent.

Written by PH

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