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Egypt’s second-richest man Naguib Sawiris has cemented his position among the world’s wealthiest individuals as the recent bump in his investments — across the Middle East and North Africa region — propels his fortune above $6 billion.
According to the Bloomberg Billionaires Index — which tracks the assets of the world’s billionaires — Sawiris, has seen his net worth rise by $260 million in recent times, from $5.74 billion on Nov. 14 to $6.06 billion.
With the surge in his net worth, the leading Egyptian business mogul — widely regarded as one of the most influential figures in the Middle East and North African region — has now seen his year-to-date wealth gains soar to $955 million.
Egypt’s second-richest Naguib Sawiris emerges strong with $955 million YTD boost
This year-to-date wealth gains position him strategically as he looks set to join the ranks of African billionaires who have recorded wealth gains surpassing a billion-dollar mark since the beginning of the year.
The $955-million year-to-date bump in his fortune is attributed to the recent performance of his investments, which encompass real estate, telecommunications, and the mining industry.
His portfolio also features investments in La Mancha Resources, along with stakes in Endeavor Mining — a publicly traded gold miner based in the Cayman Islands and listed on the London Stock Exchange (LSE).
The surge in his fortune further cements his status as Egypt’s second-richest individual and solidifies his position among Africa’s most affluent billionaires — with a net worth which amounts to $6.06 billion, Sawiris now ranks as the world’s 416th wealthiest man.
Naguib Sawiris’ $260 million wealth surge reflects his enduring success and strategic investments
Following the divestment of shares in the Russian telecommunications company Vimpelcom between 2011 and 2012, Sawiris’ fortune is held in cash and closely held assets.
Through an entity called OTMT Acquisition Sarl, Sawiris indirectly owns a 37-percent stake in publicly traded Orascom Investment Holding — a Cairo-based company formed from the merger between Vimpelcom and Orascom’s former parent company, Orascom Telecom Holding.
The $260-million surge in his fortune in recent times highlights his entrepreneurial acumen as a key figure in the business world — it underscores his vast investments and substantial assets, affirming his success as a leading businessman on the African continent.
