Egyptian billionaire businessman Naguib Sawiris, renowned as one of Africa’s wealthiest individuals, has experienced a remarkable resurgence in his net worth, surpassing the $6 billion mark once again.
According to the Bloomberg Billionaires Index, Sawiris’ fortune surged by $270 million within a span of 22 days, rising from $5.97 billion on July 3 to an impressive $6.24 billion at the time of writing.
This surge comes as a welcome development for Naguib Sawiris after witnessing a dip in his wealth below $6 billion earlier this month. Between June 19 and July 3, his net worth declined by $140 million, mainly due to fluctuations in the market value of his diverse investments in real estate, telecom, mining, and construction sectors.
With this latest boost, Sawiris’ year-to-date wealth gains have solidified at an impressive $1.14 billion, cementing his position as one of the few African billionaires who have seen significant growth in their fortunes since the beginning of this year.
The Egyptian tycoon has maintained a steady stream of lucrative returns from his existing investments. However, he remains vigilant in exploring new investment opportunities in untapped markets, further enhancing his standing as one of Africa’s richest and most influential individuals.
Earlier this month, Sawiris confirmed plans to invest in the Iraqi property market through his renowned Cairo-based investment holding company, Orascom Investment Holding (OIH).
The announcement followed a high-profile meeting between Sawiris and Iraqi Prime Minister Mohammed Shia al-Sudani.
Taking to his official Twitter account, Sawiris shared the news, marking OIH’s entrance into Iraq’s real estate development arena after nearly two decades of prioritizing the communications sector. The move underscores the company’s dedication to diversifying its portfolio and expanding its extensive regional influence.
As Egypt’s second-richest man, Sawiris’ ability to rebound swiftly from setbacks highlights his shrewd business acumen and unwavering determination to seize opportunities in familiar and emerging markets.