Home » Egypt’s Khamis family rakes in $1.2 million from Oriental Weavers’s stake

Egypt’s Khamis family rakes in $1.2 million from Oriental Weavers’s stake

by Yusuf Abdulfatai
Yasmine Mohamed Khamis

The wealthy Khamis family of Egypt has witnessed an increase in their wealth, gaining more than $1.2 million in just four weeks from their stake in Oriental Weavers, one of the world’s largest manufacturers of machine-made carpets.

According to data compiled by Billionaires.Africa, the market value of the Khamis family’s stake in Oriental Weavers has soared by EGP184.40 million ($1.26 million) over the past 28 days. This comes as value investors mop up stakes in the Cairo-based group.

Oriental Weavers, based in Egypt, is one of the world’s largest manufacturers of machine-made carpets, with production facilities in three countries. Egyptian businesswoman Yasmine Mohamed Khamis and her siblings own a 56.58-percent stake in the leading carpet manufacturer, which sells its products in approximately 150 countries worldwide.

Since August 16, Oriental Weavers shares on the Egyptian Exchange have increased by 3.12 percent, from EGP15.73 ($0.107) on Aug. 16 to EGP6.22 ($0.110). These significant gains have translated into substantial profits for the company’s shareholders, particularly the affluent Khamis family.

The market value of the stake held by the affluent Khamis family has increased by EGP 184.40 million ($1.26 million) in just 28 days, from EGP 5.92 billion ($40.37 million) on Aug. 16 to EGP 6.10 billion ($41.63 million) at the time of writing, firmly establishing them not only as prominent multimillionaires but also as one of the most affluent investors on the local stock exchange.

The Khamis family’s substantial gains underscore the ongoing attractiveness of Oriental Weavers to investors seeking to capitalize on the company’s success and its robust presence in the global carpet manufacturing industry.

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