Egypt’s richest man Nassef Sawiris loses more than $67 million in 2023

Mfonobong Nsehe -

Egypt’s richest man and the Arab world’s wealthiest individual Nassef Sawiris has experienced a notable decline in his net worth since the start of 2023, despite enjoying a $600-million increase in his fortune earlier this year.

According to the Bloomberg Billionaires Index, which monitors the wealth of the top 500 richest individuals in the world, Sawiris’ net worth has dropped by $67.4 million year-to-date.

Data tracked by Billionaires.Africa revealed that his net worth has dwindled from $7.03 billion at the start of the year to $6.96 billion as of the report’s drafting.

The decline follows his substantial $600-million wealth growth from Jan. 1 to April 19 when his net worth surged from $7.02 billion to $7.62 billion.

The slump in Sawiris’ net worth can be attributed to the performance of his 38-percent stake in OCI N.V., a leading global distributor and producer of nitrogen and methanol products based in the Netherlands.

Since the year began, OCI N.V. shares on the Euronext European stock market have plummeted by more than 35 percent.

The share price dropped from €33.64 ($36.16) on Jan. 1 to €21.63 ($23.25) during the drafting of this report, pushing its market capitalization below €4.6 billion ($4.95 billion).

At the current market price, the market value of Sawiris’ stake in OCI N.V. stands at $1.86 billion. He holds the 38-percent stake directly and through the Netherlands-based holding company, Capricorn Capital BV.

Despite the decline in his net worth, Nassef Sawiris remains a prominent figure among African business leaders.

His entrepreneurial prowess has played a crucial role in cementing his position at the top of Egypt’s wealth pyramid and securing his status as the wealthiest individual in the Arab world.

While Sawiris faces a temporary setback due to OCI N.V.’s stock performance, his overall wealth and investment portfolio which includes a six-percent stake in Adidas demonstrates his ability to navigate the complexities of the international business landscape.