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Egypt’s richest man Nassef Sawiris has seen his net worth increase by $580 million in the past 30 days, bringing his wealth total to $7.22 billion, thanks to a strong rebound in the market value of some European companies, as investors continue to accumulate shares in companies trading at discounts to their value.
According to data from the Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 wealthiest people, Sawiris’ net worth has increased by $580 million in the past 30 days, from $6.64 billion on Nov. 6 to $7.22 billion on Dec. 6.
Sawiris, the youngest of three sons born to the late Egyptian industrial billionaire Onsi Sawiris, serves on the boards of Adidas and OCI N.V., a leading global manufacturer and distributor of nitrogen and methanol products.
The Egyptian billionaire, who is not only Egypt’s richest man but also one of Africa’s wealthiest men, derives the majority of his fortune from his 38.8-percent stake in the Dutch company OCI N.V. and his six-percent position in the German multinational sportswear company, Adidas.
The sustained increase in the market value of his stakes in OCI N.V., combined with the recent increase in the market value of his stake in Adidas, ramped up his year-to-date wealth gains to $717 million, making him one of the few African billionaires whose net worth has increased significantly since the start of the year.
As part of its efforts to expand operations and diversify its earnings base, OCI N.V. has announced plans to begin construction of a world-scale, 1.1-million-tonne-per-annum blue ammonia project in Beaumont, Texas.
To expedite the project’s completion, the construction of the mega facility has been awarded to Maire Tecnimont on an engineering and procurement basis.
