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Egyptian businessman Nassef Sawiris’ net worth has plummeted by millions of dollars in the past 12 days, as the market value of his well-diversified investment portfolio has dropped by double digits, owing to his stake in OCI NV and German multinational sportswear manufacturer Adidas.
According to data from the Bloomberg Billionaires Index, Sawiris, Egypt’s richest man and the Arab world’s wealthiest billionaire, has seen his net worth fall by 11 percent, or $840 million, in the past 11 days, with his fortune falling below $7 billion for the first time since early May.
As a result, his net worth has dropped from $7.68 billion at the start of business on June 2, exactly 12 days ago, to $6.84 billion at the time of writing.
The multimillion-dollar drop in his stake’s market value can be attributed to the performance of his stakes in Adidas and OCI N.V., a Geleen, Netherlands-based fertilizer producer formed from a demerger from his family’s original business, Orascom Construction.
Since June 2, data obtained by Billionaires.Africa revealed that Adidas stock has fallen by 9.3 percent, while OCI N.V. shares have fallen by more than eight percent, owing to a sustained sell-off of stakes as investors trim down their stakes in line with the need to preserve wealth.
As a result of the recent sell-off, Sawiris’ stakes in Adidas and OCI N.V. are now worth $2.11 billion and $2.26 billion, respectively, at the time of writing this report.
Despite a multimillion-dollar drop in his net worth over the past 12 days, Sawiris remains one of Africa’s richest billionaires and Egypt’s richest man.
Sawiris’ net worth has increased by $344 million since the beginning of the year, from $6.5 billion to $6.84 billion at the time of writing.
