Egyptian businessman Samih Sawiris on verge of losing ‘billionaire’ status

Feyisayo Ajayi -

Following a sustained decline in the market value of his investments in Africa and elsewhere, Egyptian businessman Samih Sawiris is on the verge of losing the “billionaire” status that he achieved in 2007, when his net worth surpassed $1.5 billion.

Samih Sawiris, the younger brother of Egyptian billionaires Naguib and Nassef Sawiris, derives the majority of his fortune from his family’s investments in OCI N.V., a global producer and distributor of nitrogen and methanol products, and Orascom Development, which builds and operates resorts in Egypt, Montenegro, and Switzerland.

Unlike his brothers, who have both been able to maintain or increase their wealth figures, Samih Sawiris has seen his net worth drop by more than $100 million since the start of 2022, from $1.1 billion at the beginning of January to $1 billion at the time of writing this report.

Since 2008, when his net worth surpassed $2.9 billion, the Egyptian billionaire has seen a steady decline in his wealth.

However, he suffered his greatest wealth loss in a calendar year in 2011, when Orascom Development’s earnings were severely impacted by the drop in tourism in Egypt following the country’s political uprising.

Earlier this year, one of his companies, Andermatt Swiss Alps AG (ASA), a Swiss-based mountain resort company, sold a majority stake in Andermatt-Sedrun Sports AG to Vail Resorts, a U.S. resort company led by Kirsten Lynch, the former chief marketing officer who helped shape Epic Pass.

According to the terms of the deal, Vail Resorts acquired a 55-percent stake in Andermatt-Sedrun Sports AG, while Sawiris’ ASA retained a 40-percent stake, and a group of existing shareholders held the remaining five percent.

After nearly 30 years as chairman of Orascom Development Holding, a leading property developer with a diverse portfolio of world-class destinations in Egypt, the UAE, Oman, Morocco, Montenegro, Switzerland, and the United Kingdom, Sawiris announced his intention to step down in December 2021.