Egypt’s richest man Nassef Sawiris loses $540 million in 25 days

Feyisayo Ajayi -

Nassef Sawiris, Egypt’s richest man and one of Africa’s most affluent billionaires, has endured a notable decline of more than $500 million in his net worth due to a significant slump in the market value of his stake in OCI N.V. in the past 25 days.

According to the Bloomberg Billionaires Index, which monitors the wealth of the top 500 richest individuals in the world, Sawiris’ net worth has slumped by $540 million in the past 25 days, declining from $8.17 billion on July 30 to $7.63 billion at the time of writing this report.

This slump in his net worth can be linked to the sustained decline in the market value of his stake in OCI N.V. in recent times.

Data gathered by Billionaires.Africa revealed that Sawiris’ 38.8-percent stake in OCI N.V. has decreased by €319.47 million ($379.67 million) since July 30 as investors on the Euronext Exchange continue to reduce their stakes in the Dutch-listed OCI N.V.

OCI N.V. is a global producer of natural gas-based chemicals. Its product portfolio encompasses nitrogen fertilizers, fuels, methanol, and various other natural gas-derived items, catering to global needs in agriculture, transportation, and industrial sectors.

With a present production capacity of about 16.2 million metric tonnes in the Netherlands, the United States, the United Arab Emirates, Egypt, and Algeria, the company ranks among the world’s largest nitrogen fertilizer producers.

Shares in the Dutch company have decreased from a price of €26.00 ($28.109) per share on July 30 to €22.07 ($23.860) per share at the time of writing this report, representing a total loss of 15.12 percent.

As a result of the double-digit decrease in OCI N.V. shares, the market value of Sawiris’ stake has decreased from €2.11 billion ($2.33 billion) on July 30 to €1.79 billion ($1.95 billion) at the time of writing.

Despite this recent decline in the market value of his stake, Sawiris remains not only as a scion of Egypt’s wealthiest family but also the most affluent individual in the Arab world.