Egyptian billionaire Naguib Sawiris faces $140-million setback in net worth

Mfonobong Nsehe -

Naguib Sawiris, Egypt’s second-richest man, has experienced a significant decline in his fortune over the past two weeks, with his net worth falling below $6 billion.

According to the Bloomberg Billionaires Index, which tracks the world’s wealthiest 500 billionaires, Sawiris’ net worth slumped by $140 million during this period. The decline in Sawiris’ net worth can be attributed to the slump in the market value of his diversified investments across the telecom, mining, and construction sectors.

The recent pullback in his wealth figures comes after he recorded a whopping $1.01 billion bump in his fortune between Jan. 1 and June 19, when his net worth increased from $5.01 billion to $6.11 billion, solidifying his position not only as Egypt’s second-richest businessman but also as one of Africa’s most affluent billionaires.

As of the time of drafting this report, Sawiris’ net worth stands at $5.97 billion, down from $6.11 billion on June 19, resulting in a year-to-date wealth gain of $870 million, a decrease from $1.01 billion just two weeks ago.

Sawiris primarily holds his wealth in cash and closely held assets, amassed mainly through the sale of his stake in Russian telecom company Vimpelcom for around $4.1 billion between 2011 and 2012.

Earlier this year, Sawiris’ Cairo-based holding company, Orascom Investment Holding, forged a strategic partnership with BluEV, a specialized information technology and transportation engineering firm.

The collaboration aims to revolutionize the global transport sector, making it more eco-friendly and affordable through the utilization of the BluEV network, smart battery exchange stations, and an integrated digital platform.

Established by Sawiris in 2011, Orascom Investment Holding initially focused on the telecom, media, and technology spheres. However, the company has since expanded its portfolio to encompass sectors with significant growth potential, transformational prospects, and a positive impact on communities.