Home » The 20 richest people on the Egyptian Exchange

The 20 richest people on the Egyptian Exchange

by Omokolade Ajayi

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: [email protected].

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