Egypt’s richest man Nassef Sawiris loses $620 million in September amid stock market sell-off

Following a $130-million loss in August, Egypt’s richest man Nassef Sawiris saw his net worth fall by more than $500 million in September. As a result, his net worth dropped below $6.2 billion, owing to valuation challenges faced by publicly traded companies

Sawiris’ net worth decreased by $620 million in September, according to data from the Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 wealthiest people. He presently ranks 340th on the list.

A well-known Egyptian businessman and one of Africa’s richest men, Sawiris serves on the boards of Adidas and OCI N.V., a global nitrogen product manufacturer and distributor.

The majority of his fortune stems from his 38.8-percent stake in the Netherlands-based OCI N.V. and his six0percent stake in Adidas, which is worth $2.41 billion.

The $620-million loss in his net worth in September, which saw his net worth drop from $6.79 billion at the start of the month to $6.17 billion at the end of the month, can be attributed to the performance of his stake in German sportswear behemoth, Adidas.

The performance of his six-percent stake in Adidas, which fell by $700 million, from $2.1 billion to $1.4 billion in September, outweighed the marginal increase in the value of his 38.8-percent stake in OCI N.V., which is now worth $2.56 billion.

Adidas shares have dropped by more than 18 percent in the last month, from more than €145 to €115. Since the start of the year, shares in the German sportswear manufacturer have lost more than half of their value.

The decline in the market value of his stake in Adidas, caused by a massive sell-off of shares in the company by European investors, reduced Sawiris’ previous gains this year to a year-to-date loss of $330 million at the time of writing this report.

Despite a multimillion-dollar drop in his net worth, Sawiris remains Egypt’s wealthiest man and one of Africa’s richest billionaires.