Nassef Sawiris, the richest man in Egypt and the Arab world thanks to the valuation of his diversified portfolio of industrial assets across Europe and Africa, has regained his position as the fourth-richest man on the continent after spending 38 days as the fifth man.
Despite the heightened volatility in the global equity market, which has triggered a decline in share prices, Sawiris has managed to maintain a steady footing thanks to his diverse range of assets, which include a six-percent stake in Adidas and a 38.8-percent stake in OCI N.V., a leading global producer and distributor of nitrogen and methanol products.
Despite the increased volatility in the global equity market and subsequent decline in share prices, the Egyptian billionaire has managed to maintain a steady footing thanks to his diversified portfolio of assets.
Nassef Sawiris’ net worth surges, while Rabiu suffers $563-million slump
Since the start of the year, Sawiris’ net worth has increased by $200 million, from $7 billion on Jan. 1 to $7.2 billion at the time of writing this report, while Rabiu’s net worth has fallen by nearly $1 billion, from $8 billion to $7.1 billion.
In the last 24 hours, Rabiu’s net worth has dropped by $563 million. The drop in his net worth comes after his unified food business, BUA Foods Plc, achieved a milestone in its financial performance by reporting record-high earnings at the end of its 2022 fiscal year.
According to figures in BUA Foods’ recently published unaudited financial statements, the group’s earnings rose from N69.77 billion ($151.5 million) in 2021 to N90.4 billion ($196.3 million) at the end of 2022, driven by an increase in revenue from its diverse product portfolio of sugar, pasta, bakery flour, and wheat bran.
