In the midst of mounting macroeconomic uncertainty worldwide, Egyptian billionaire Naguib Sawiris has demonstrated remarkable financial acumen this year, with his net worth surging by millions of dollars and surpassing the $5.8-billion threshold.
From Jan. 1 to the time of this report, Sawiris’ net worth has risen by $703 million from $5.1 billion to $5.8 billion, positioning him among a select group of African billionaires who have seen significant growth in their net worth in 2023.
The $703-million increase in his net worth, which cements his position as not only Egypt’s second-richest man, but also one of the richest businessmen in the Arab world and on the African continent, can be attributed to the performance of his diverse investments in telecommunications, real estate, technology, and mining.
Naguib Sawiris predominantly holds his wealth in cash and closely held assets, which stem mainly from the sale of his stake in Russian telecommunications firm Vimpelcom for approximately $4.1 billion in 2011 and 2012.
Through OTMT Acquisition Sarl, Sawiris control 37 percent of Orascom Investment Holding, a Cairo-based company formed from the merger between Vimpelcom and Orascom’s former parent company, Orascom Telecom Holding.
Additionally, the Egyptian billionaire holds a controlling 70-percent stake in La Mancha Resources, which he acquired in 2012 for $492 million to invest in gold assets.
The latest U.S. employment figures have sparked a surge in gold prices, with the precious metal reaching a 13-month high and breaking through the $2,000 per ounce barrier on Tuesday, a level not seen since March 2022. This robust performance has had a positive impact on companies with significant gold assets, such as La Mancha Resources.
In addition to its gold mining ventures, La Mancha Resources is actively exploring new opportunities in the renewable energy market through its $1.4 billion La Mancha Fund SCSp. The company is also considering potential investments in junior miners and is keen to foster consolidation in the sector through mergers and acquisitions
