Egypt’s richest man Nassef Sawiris has experienced a significant dip in his net worth in the past ten days. The decline, amounting to $130 million, comes as a direct result of the recent fall in the market value of his substantial industrial investments.
The Bloomberg Billionaires Index, renowned for tracking the fortunes of the world’s 500 wealthiest billionaires, reported that Sawiris’ net worth has taken a hit of $130 million over the past 10 days.
This development starkly contrasts his financial situation ten days ago, when he witnessed a boost of $150 million between Sept. 26 and 30. During this period, his wealth grew from $7.33 billion to $7.48 billion.
The recent decline is primarily attributed to a reduction in the market value of Sawiris’ 38.8-percent stake in OCI N.V., a prominent Netherlands-based global producer of natural gas-based chemicals.
OCI N.V. is recognized for its diverse product range, which includes nitrogen fertilizers, fuels, methanol, and various other natural gas-derived items catering to global needs in agriculture, transportation, and industrial sectors.
At present, OCI N.V. boasts a substantial production capacity of approximately 16.2 million metric tonnes in several countries, including the Netherlands, the United States, the United Arab Emirates, Egypt, and Algeria.
This positions the company as one of the world’s largest nitrogen fertilizer producers. As of the time of this report, the market value of Sawiris’ stake in the company is estimated at $2.16 billion.
In addition to his investments in OCI N.V., Sawiris holds a six-percent stake in the renowned sportswear giant, Adidas AG. As of the time of reporting, the market value of this stake in the German sportswear powerhouse stands at $2.18 billion.
