Egyptian billionaire Ahmed Ezz gains $19 million

Egyptian billionaire and the visionary behind Ezz Steel, Ahmed Ezz, has witnessed a substantial surge in the market value of his stake in his steel company, augmenting his already substantial billion-dollar wealth and fortifying his stature as one of Egypt’s wealthiest men.

According to data tracked by Billionaires.Africa, the market value of Ezz’s stake in Ezz Steel has surged by EGP587.07 million ($18.97 million) in just 21 days, riding on the continued upward trend of the company shares on the Egyptian Exchange.

Ezz Steel, the largest independent steel producer in the Middle East and North Africa, has showcased remarkable financial resilience in recent years.

With a total output of 5.14 million metric tonnes, Ezz Steel is far ahead of Saudi Arabia’s Hadeed and Emirates Steel.

Ezz, a leading Egyptian industrialist, owns 60.7 percent of the company, or 329,816,198 shares, in the steel behemoth.

This stake makes him one of the wealthiest investors on the Egyptian Exchange and one of Egypt’s richest men.

Over the past 21 days, Ezz Steel shares on the Egyptian Exchange have increased by 3.73 percent, rising from EGP47.77 ($1.544) on Aug. 14 to EGP49.55 ($1.601) at the time of writing, thus leading to gains amounting to millions of dollars for its shareholders, including billionaire Ahmed Ezz.

The recent surge in Ezz Steel’s shares has caused the market value of Ezz’s stake to increase by EGP587.07 million ($18.97 million), rising from EGP15.76 billion ($509.11 million) on Aug. 14 to EGP16.34 billion ($528.08 million) at the time of writing, further strengthening his position as one of the richest investors on the Egyptian Exchange.