The El-Sewedy family, Egypt’s newest entrants to the billionaire club, have enjoyed a remarkable rebound in their fortunes after recent setbacks. In just one week, their combined stake in Elsewedy Electric surged by $103 million, marking a significant addition to their wealth.
According to data tracked by Billionaires.Africa, the market value of the El-Sewedy family’s joint stake in Elsewedy Electric jumped by EGP3.19 billion ($103.26 million) over the past seven days. This impressive uptick comes as investors flock to the multinational electrical group, attracted by its strong prospects and resilience in the face of recent challenges.
Elsewedy Electric shares soar by 8.26 percent, returning profits to shareholders
Founded in 1938 by the El-Sewedy family, Elsewedy Electric has carved a prominent niche in the MENA region’s electrical equipment manufacturing landscape. Its impressive portfolio boasts involvement in major infrastructure projects across the Middle East and North Africa.
Recently, the company’s shares on the Egyptian Exchange have enjoyed a remarkable surge, climbing 8.26 percent within just one week. From EGP26.15 ($0.845) on Dec. 12, the stock closed at EGP28.31 ($0.915) at the time of writing. This impressive rally has translated into significant returns for investors, including the influential El-Sewedy family.
Egypt’s power players: El-Sewedy family gains $103 million, strengthens influence in Africa
Ahmed El-Sewedy and siblings Sadek and Mohammed hold a combined 68.1 percent majority stake in Elsewedy Electric, a staggering 1.48 billion ordinary shares — this makes the family one of the wealthiest in Egypt.
Over the past week, the El-Sewedy family‘s stake has seen a substantial increase in market value, soaring from EGP38.66 billion ($1.25 billion) on Dec. 12 to EGP41.85 billion ($1.35 billion) as of this writing.
This EGP3.19 billion ($103.26 million) gain further cements their position as one of Egypt’s most affluent and influential families, extending their reach across the African continent.