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With a market capitalization of close to $50 billion and more than 200 equity listings, the Egyptian Exchange (EGX) is the second-largest stock exchange in Africa. It is also where many of Egypt’s ultra-high net-worth individuals store significant portions of their fortunes through equity stakes in their own and other companies, which they typically hold through both direct and indirect investments.
Based on figures derived from investment agencies, the latest annual reports and confirmations from capital market registrars, these are the 20 richest people who own stocks listed on the Egyptian Exchange.
Billionaires.Africa lists individuals rather than multigenerational families who share large fortunes, but in cases where ownership breakdown among siblings and couples is not clear, we attribute the fortune to the most visible-prominent member of the family.
The value of their shares is based on prices at the end of trading on Aug. 20 and valuations are converted to U.S. dollars at current exchange rates.
#1 Hisham Talaat Moustafa & family
Net worth on the EGX: $407.7 million
Holdings: Talaat Moustafa Group Holding
Hisham Talaat Moustafa is the CEO of the Talaat Moustafa Group (TMGH), which is the largest publicly traded real estate company in Egypt, with more than $7 billion in assets. TMGH owns a land bank of more than 50 million square meters and is currently developing its most ambitious project yet – a new city designed to provide a contemporary lifestyle for 600,000 inhabitants in 120,000 housing units. Hisham Talaat Moustafa owns a 43.2-percent stake worth $407.7 million.
#2 Samih Sawiris
Net worth on the EGX: $316.9 million
Holdings: Orascom Development Holding AG
Samih Sawiris, the youngest son of the late legendary Egyptian tycoon Onsi Sawiris, controls Orascom Development, which develops hotels, residential units and leisure facilities, such as golf courses, marinas and supporting infrastructure in Egypt, Montenegro and Switzerland. Orascom Development Holding AG has a dual listing on the Cairo and Switzerland exchanges. Sawiris owns a 70.2-percent stake in the company worth $316.9 million.
#3 Sadek Ahmed Sadek El Sewedy
Net worth on the EGX: $313.8 million
Holdings: Elsewedy Electric, Qalaa Holdings
Sadek Ahmed Sadek El Sewedy is a non-executive chairman of Elsewedy Electric, a multinational company that manufactures and sells integrated energy products and services, such as electrical cables and transformers. The company was founded in 1938 as a trader in electrical equipment. Sadek Ahmed Sadek El Sewedy owns 25.19 percent of El Sewedy Electric, a stake currently valued at $305.6 million. He also owns 5.62 percent of Qalaa Holdings, a publicly listed investment company in Africa and the Middle East.
#4 Ahmed Ezz
Net worth on the EGX: $312 million
Holdings: Ezz Steel
Egyptian steel tycoon Ahmed Ezz owns 61.89 percent of his eponymous Ezz Steel SAE, an Egypt-based manufacturer and trader of steel and related products. The company is the largest independent steel producer in the Middle East and North Africa, and exports long and flat steel products to many countries around the world. His stake is currently valued at $312 million.
#5 Ahmed Ahmed Sadek El Sewedy
Net worth on the EGX: $305.5 million
Holdings: Elsewedy Electric
Ahmed Ahmed Sadek Elsewedy serves as the president and CEO of Elsewedy Electric, a global player for manufacturing electrical products and energy infrastructure solutions and services. He owns 25.18 percent of the company.
#6 Mohamed Ahmed Sadek El Sewedy
Net worth on the EGX: $216.5 million
Holdings: Elsewedy Electric
Mohamed El Sewedy serves on the board of Elsewedy Electric alongside his two brothers. His 17.78-percent stake in the company is worth $216.5 million.
#7 Medhat Khalil
Net worth on the EGX: $217.9 million
Holdings: Raya Holding
Egyptian businessman Medhat Khalil founded Raya Holding in 1999, and built it into an investment company with holdings spanning electronic payments, microfinance, restaurants, food trading and vehicle assembling. Khalil formerly worked for IBM’s operations in Egypt and went on to establish his own IT company, Protech, after which he partnered with Orascom Group in 1997 to launch Oratech, an IT services company. In 1999, Protech and Oratech merged with five other companies to become Raya Holding, a diversified investment company. He listed Raya on the Egyptian Exchange in 2005 and holds a 57.8-percent shareholding.
#8 Khaled Mahmoud
Net worth on the EGX: $203.7 million
Holdings: MM Group Industrial & International Trade
Khaled Mahmoud is the chairman of MM Group Industrial & International Trade, a market leader in the local consumer electronics distribution and retail industry in Egypt. The company is the sole distributor for luxury vehicle brands such as Land Rover, Jaguar, Maserati, Bentley and Ducati in Egypt. It also distributes consumer electronics and operates dozens of Vodafone-branded retail franchises. MM Group is a family-owned conglomerate that has been in the market for over 120 years. Khaled Mahmoud calls the shots today and controls 42.73 percent of the company. His shareholding is worth $203.7 million.
#9 Abdulrahman H. Abbas Sharbatly
Net worth on the EGX: $196.3 million
Holdings: Golden Pyramids Plaza
The Saudi tycoon is the chairman at Al Nahla Group, a family holding and investment company based in Saudi Arabia. In Egypt, he owns a 21.7-percent stake in Golden Pyramids Plaza, a company engaged in the fields of entertainment and hospitality facilities management. He also owns a 8.15-percent stake in South valley cement worth $6 million, bringing the total value of his investments to $196.3 million.
#10 Hend-El-Sherbini
Net worth on the EGX: $182 million
Holdings: Integrated Diagnostics Holdings
Hend El Sherbini is the CEO and largest individual shareholder of Integrated Diagnostics Holdings, one of the leading fully-integrated providers of high-quality medical diagnostic services in the Middle East and Africa with operations in Egypt, Jordan, Sudan and Nigeria. Sherbini’s mother founded IDH as a single-doctor lab to provide immunology and diagnostic testing to the Egyptian market. The company is listed on both the Egyptian and London stock exchanges and Sherbini owns 25.5-percent stake in the dual-listed company. Her shares are worth $182 million.
#11 Safwan Thabet
Net worth on the EGX: $174.9 million
Holdings: Juhayna Food Industries
Founded in 1983 by Safwan Thabet, Juhayna Food Industries is one of the largest producers of dairy, yogurt, and juice in Egypt. Safwan Thabet owns a 50.4-percent stake in Juhayna Food in his own name and via Pharon Investments Limited, his investment vehicle. The shares are worth $174.9 million. Thabet, a former chairman of the company, was arrested by Egyptian authorities last December over alleged ties to the outlawed Muslim Brotherhood.
#12 Nassef Sawiris
Net worth on the EGX: $165.65 million
Holdings: Orascom Construction PLC, Orascom Development Holding AG
Egyptian billionaire Nassef Sawiris has a tiny part of his net worth in the Egyptian Exchange. He owns a 28.9-percent stake in Orascom Construction PLC worth $152.2 million, as well as a 2.75-percent stake in Orascom Development Holding AG (ODHN) worth $13.45 million, bringing the total value of his investments in the EGX to $165.65 million.
#13 Ali Hassan Ali Dayekh
Net worth on the EGX: $116.1 million
Holdings: Credit Agricole Egypt, Housing and Development Bank- Egypt, MM Group Industrial & International Trade
Saudi construction tycoon Ali Hassan Ali Dayekh is the president and CEO of Saudi Group for Construction Materials. He is also one of the biggest investors in Egypt’s capital markets. Through his wholly-owned RolaCo. EGP For Investment, he owns a 7.58-percent stake in Credit Agricole Egypt valued at $38 million; an 8.66-percent stake in Housing and Development Bank- Egypt worth $29.8 million and a 10.23-percent stake of MM Group for Industry and International Trade worth $48.3 million, bringing the total value of his shares to $116.1 million.
#14 Naguib Sawiris
Net worth on the EGX: $92.33 million
Holdings: Orascom Financial Holding, Orascom Investment Holding
Egyptian billionaire Naguib Sawiris owns 51.7 percent of Orascom Financial Holding, a financial services investment company and 51.7% of Orascom Investment Holding (OIH).
#15 Waleed Zaki
Net worth on the EGX: $89.24 million
Holdings: Pioneers Holding
Waleed Zaki is the founder and chairman at Pioneers Holding for Financial Investments, an Egypt-based public shareholding company that provides comprehensive financial services for both retail and institutional investors, including brokerage services covering the public and private sectors in restructuring, mergers, issuing of equity and debt capital, and market research. Zaki owns a 27.1-percent stake in the company.
#16 Ibrahim Ibrahim Ibrahim Al Saidi
Net worth on the EGX: $71.05 million
Holdings: United Housing & Development, Alexandria Spinning & Weaving, Egyptian Financial and Industrial, Amer Group Holding Co SAE, Arabia Cotton Ginning, Zahraa Maadi Investment and Development
The Egyptian serial investor and boardroom guru owns 16 percent of the real estate firm United Housing & Development; 27.5 percent of Alexandria Spinning & Weaving and a 9.08-percent stake in Egyptian Financial and Industrial. His other holdings include 13.493 percent in Amer Group Holding Co SAE and a 9.34-percent ownership stake in Arabia Cotton Ginning (ACGC). His biggest asset on the EGX is a 4.9-percent stake in Zahraa Maadi Investment and Development worth $29.65.
#17 Yasmine Mohamed Khamis
Net worth on the EGX: $62.9 million
Holdings: Oriental Weavers
Yasmine Mohamed Khamis is the daughter of legendary Egyptian entrepreneur Mohamed Farid Khamis, who founded Oriental Weavers, a market-leading producer of tufted and jet-printed rugs and carpets. Khamis passed away in September 2020. His daughters Yasmine and Farida Khamis now run the company. Yasmine Mohamed Khamis owns a 17.84-percent stake in the company worth $62.9 million.
#18 Sherif El-Zayat
Net worth on the EGX: $52.1 million
Holdings: Egypt Kuwait Holding
Sherif El-Zayat is the CEO of Egypt Kuwait Holding (EKH), an Egypt-based investment company with a diversified portfolio in fertilizers and petrochemicals, energy, insurance, manufacturing, information technology, transport and infrastructure. He owns a 4.35-percent stake in the company worth $52.1 million.
#19 Ayoub Adly Ayoub
Net worth on the EGX: $47.78 million
Holdings: Remco For Touristic Villages Construction
Construction magnate Ayoub Adly Ayoub owns 75.63 percent of Remco For Touristic Villages Construction. Remco develops hotels, residential complexes and entertainment venues
#20 Farida Khamis
Net worth on the EGX: $43.43 million
Holdings: Oriental Weavers
Farida Khamis owns 12.31 percent of Oriental Weavers Carpet (ORWE), which is one of the world’s largest carpet and rug manufacturers. Her father, Mohamed Khamis, founded the company in 1979. Farida serves as an Executive Director in the company.
Mfonobong Nsehe contributed to this report. Comments can be sent to: news@billionaires.africa.
