North Africa’s richest man suffers $271-million loss in first 10 days of 2024

After a record-breaking 2023 that propelled his wealth beyond $8 billion, Nassef Sawiris, the wealthiest individual in Egypt and North Africa, has experienced multimillion-dollar declines in the first 10 days of 2024. This is linked to a substantial drop in the market value of his industrial assets.

According to the Bloomberg Billionaires Index, which tracks the fortune of the world’s wealthiest billionaires, Sawiris’ net worth slumped by $271 million in the first ten days of 2024 — declining from $8.41 billion on Jan. 1 to $8.14 billion at the time of drafting this report.

Unraveling the daily $27-million dive in net worth, rooted in diverse investments

Since the beginning of the year, his net worth has experienced a significant daily drop of $27.1 million on average. This decline is attributed to the performance of his diverse investment portfolio, which encompasses holdings in Aston Villa F.C. and the publicly traded multinational manufacturer of specialty materials, Arkema S.A.

A significant part of this wealth reduction stems from his considerable 38.8-percent ownership in the Dutch fertilizer company OCI N.V. and a six-percent stake in the globally recognized sportswear giant Adidas AG.

Market challenges impact Sawiris: OCI N.V. shares dip, Adidas stake adds to losses

Sawiris faced a setback in his wealth as his Adidas stake dropped by $80 million. However, the primary cause of his recent loss is a $350-million decrease in his 38.8-percent stake in Netherlands-based OCI N.V., falling from $2.6 billion to $2.25 billion.

OCI N.V. shares have recently declined from €26.35 ($28.937) per share on Jan. 1 to €25.11 ($27.574) per share as of the report, reflecting a total loss of 4.94 percent.

Despite these challenges, Sawiris’ fortune now stands at $8.14 billion. Nonetheless, he maintains his position as Egypt’s wealthiest individual and remains one of the most affluent individuals in the Arab world.