Nassef Sawiris, Egypt’s richest man and one of Africa’s most affluent billionaires, has endured a notable decline of $100 million in his fortune in recent times due to a significant slump in the market value of his stake in OCI N.V.
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 $100 million in just 8 days, translating to an average loss of $12.5 million per day since October 12.
The fortune of the leading billionaire, who ranks as Egypt’s richest man and also Africa’s fourth-wealthiest individual, currently stands at $7.42 billion, down from $7.52 billion on Oct. 12. This is primarily attributed to the decline in the market value of his stake in OCI N.V., a prominent Netherlands-based global producer of natural gas-based chemicals.
Data gathered by Billionaires.Africa revealed that Sawiris’ 38.8-percent stake in OCI N.V. has decreased by €195.46 million ($207.07 million) since Oct. 12 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.
In recent times, shares in the Dutch company have decreased from a price of €26.09 ($24.642) per share on Oct. 12 to €23.72 ($22.404) per share at the time of writing this report, representing a total loss of 9.08 percent.
As a result of the single-digit decrease in OCI N.V. shares, the market value of Sawiris’ stake has decreased from €2.15 billion ($2.28 billion) on Oct. 12 to €1.96 billion ($2.07 billion) at the time of writing.
