The 15 richest people on the Egyptian Exchange in 2023

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The Egyptian Stock Exchange (EGX) has positioned itself as an attractive investment destination for domestic and international investors, thanks to the impressive financial results of companies listed on the bourse.

The EGX, which boasts over 250 listed companies, has experienced a share surge for most of its listed companies since the beginning of this year. Supported by a recovering global economy and a series of economic reforms implemented by the Egyptian government, the bourse has witnessed a surge in trading volumes and a consistent upward trajectory in stock prices.

This upward trend has resulted in impressive gains for leading businessmen, such as Egyptian steel magnate Ahmed Ezz and Ahmed Elsewedy, the president and CEO of Elsewedy Electric.

At the time of writing, the total market capitalization of all shares listed on the Egyptian Exchange has exceeded $45 billion. This has brought substantial gains to some investors and businessmen with stakes in the listed companies.

However, not all individuals have been fortunate, as Hisham Talaat Moustafa, the CEO of the Talaat Moustafa Group, and Medhat Khalil, the founder of Raya Holdings, have suffered significant losses from their equity stakes this year.

While the EGX maintains its position as Africa’s second-largest stock exchange, trailing behind the Johannesburg Stock Exchange, it continues to attract Egypt’s ultra-high-net-worth individuals. Many of these individuals allocate a significant portion of their wealth to the EGX through direct and indirect investments, holding equity stakes in their own companies and other entities.

Based on data obtained from investment agencies, annual reports, and capital market registrars, Billionaires.Africa has compiled a list of the 15 wealthiest individuals who own stocks listed on the Egyptian Exchange. The list focuses on individual ownership rather than multi-generational family fortunes. In cases where the breakdown of ownership among siblings or couples is unclear, the fortune is attributed to the family’s most prominent and visible member.

The valuations provided in the list are based on closing prices at the end of trading on Aug. 20 and have been converted to U.S. dollars using current exchange rates. The compilation of the list has been carried out in collaboration with data provider S&P Global Market Intelligence while also taking into account publicly available documents and disclosures.

These individuals represent the 15 richest people who currently hold stocks listed on the Egyptian Exchange.

1. Ahmed Ezz  

Net worth on the EGX: $411.3 million

Holdings: Ezz Steel

Ahmed Ezz, an Egyptian steel magnate, controls 66.98 percent of his namesake Ezz Steel SAE, a manufacturer and trader of steel and associated products based in Egypt. The company, North Africa’s largest independent steel producer, exports long and flat steel products to various nations worldwide. His majority shareholding in the company is currently worth $411.3 million.

2. Sadek El Sewedy 

Net worth on the EGX: $378 million

Holdings: El Sewedy Electric, Arabian Cement Company, MM Group

Sadek Ahmed Sadek El Sewedy is the non-executive chairman of Elsewedy Electric, a multinational corporation that produces and sells integrated energy products and services, including electrical cables and transformers. Sadek Ahmed Sadek El Sewedy owns a 25.55-percent stake in El Sewedy Electric. In addition, he owns 12.53 percent of Arabian Cement Company and a 1.66-percent stake in MM Group.  

3. Ahmed Elsewedy

Net worth on the EGX: $362.7 million

Holdings: Elsewedy Electric

Ahmed Ahmed Sadek is the president and CEO of Elsewedy Electric. He owns 25.53 percent of the business.

4. Samih Sawiris

Net worth on the EGX: $329.5-million

Holdings: Orascom Development Holding, Orascom Construction

Samih Sawiris, a scion of the legendary Sawiris family, owns a 69-percent stake in dual-listed Orascom Development Holding AG, which develops hotels, residential units, and recreational facilities – and an 11.8-percent stake in dual-listed Orascom Construction.

5. Hisham Talaat Moustafa

Net worth on the EGX: $262.1 million

Holdings: Talaat Moustafa Group

Hisham Talaat Moustafa is the CEO of the Talaat Moustafa Group, which has more than $7 billion in assets and is Egypt’s largest publicly traded real estate company. TMGH owns more than 50 million square meters of land. Moustafa owns 43.16 percent of the company.

6. Mohamed Ahmed Elsewedy 

Net worth on the EGX: $255.9 million

Holdings: Elsewedy Electric

Mohamed El Sewedy serves alongside his two brothers on the board of directors of El Sewedy Electric. His 18.02-percent stake in the business is valued at $255.9 million.

7. Safwan Thabet

Net worth on the EGX: $187.8 million

Holdings: Juhayna Food Industries

Safwan Thabet founded Juhayna Food Industries in 1983 and built it into one of Egypt’s largest producers of dairy, yogurt, and juice. Safwan Thabet owns a 50.07-percent stake in Juhayna Food in his name and via Pharon Investments Limited, his investment vehicle. The shares are worth $187.8 million

8. Yasmine Mohamed Khamis & Family

Net worth on the EGX: $183.2 million

Holdings: Oriental Weavers 

Yasmine Mohamed Khamis is the daughter of the legendary Egyptian businessman Mohamed Farid Khamis, who established the market-leading manufacturer of tufted and jet-printed rugs and carpets, Oriental Weavers. Khamis died in September 2020. His daughters Yasmine and Farida Khamis currently operate the business. Billionaires.Africa does not have information on how the shares owned by the late Mohamed were distributed among his daughters, so we lump all the shares held by the daughters and the stake owned by the late businessman and attribute ownership to Yasmine Mohamed Khamis, being the CEO – and the rest of the Khamis family. Yasmine and her sisters own a 56.58-percent stake in Oriental Weavers worth $183.2 million. 

9. Abdul Rahman bin Hassan bin Sharbatly

Net worth on the EGX: $180.9 million

Holdings: Golden Pyramids Plaza

Sharbatly, a Saudi tycoon owns a 21.7-percent stake in Golden Pyramids Plaza, an entertainment and hospitality facilities management company. 

 10. Nassef Sawiris

Net worth on the EGX: $154 million

Holdings: Orascom Construction 

Egyptian billionaire Nassef Sawiris owns a 34.48-percent stake in Orascom Construction, an engineering, procurement, and construction contractor based in Cairo, Egypt. 

11. Ali Hassan Ali Dayekh

Net worth on the EGX: $121.5 million

Holdings: Credit Agricole, Housing and development bank, MM Group

The Saudi entrepreneur has a portfolio in the EGX that includes 9.97 percent of Credit Agricole, 10 percent in Housing and Development Bank, and a 13.87-percent stake in MM Group. Collectively, the value of his stakes amounts to $121.5 million. 

12. Yasseen Ibrahim Mansour

Net worth on the EGX: $101.8 million

Holdings: Palm Hills Developments S.A.E 

Billionaire Yasseen Ibrahim Mansour owns 48.4 percent of Palm Hills Developments S.A.E, a real estate developer primarily focused on integrated residential, commercial real estate, and resort projects. 

13. Khaled Gamal El-Din Mahmoud 

Net worth on the EGX: $84.2 million

Holdings: MM Group for Industry & International Trade SAE

Mahmoud is the chairman of MM Group Industrial & International Trade, an Egyptian market leader in consumer electronics distribution and retail. In Egypt, the company is the sole distributor of luxury automobile brands such as Land Rover, Jaguar, Maserati, Bentley, and Ducati. Mahmoud is the single largest shareholder in the company. His 42.73-percent piece is worth $84.2 million. 

14. Hend El Sherbini

Net worth on the EGX: $75.5 million

Holdings: Integrated Diagnostics Holdings 

Hend El Sherbini is the CEO and largest individual shareholder of Integrated Diagnostics Holdings, one of the Middle East and Africa’s leading fully-integrated providers of high-quality medical diagnostic services with operations in Egypt, Jordan, Sudan, and Nigeria. Sherbini owns a 26.71-percent share in the dual-listed business listed on both the Egyptian and London stock exchanges. Her stock is worth $75.5 million.

15. Naguib Sawiris 

Net worth on the EGX: $72.8 million

Holdings: Orascom Construction, Orascom Financial Holding, Orascom Investment Holding

Egyptian billionaire Naguib Sawiris owns 56.5 percent of Orascom Financial Holding, a financial services investment company, and 51.7 percent of Orascom Investment Holding (OIH). He also holds a 5.52-percent stake in Orascom Construction.