Egypt’s billionaire El-Sewedy family gains nearly $100 million in less than two weeks

The El-Sewedy family, one of Egypt’s billionaire families, has seen a substantial increase in their wealth this year, with nearly $100 million — from their combined stake in Elsewedy Electric — added to their fortune thanks to the surge in the company’s shares on the Egyptian Exchange.

The family’s collective stake in Elsewedy Electric has increased by EGP3.074 billion ($99.68 million) since Jan. 8, 2024, driven by heightened interest in the multinational electric group. Investors and other market participants have been actively acquiring shares in the group.

Elsewedy Electric shares surge by 6.98 percent, market cap soars above $2 billion

Founded in 1938 by the El-Sewedy family, Elsewedy Electric has played a pivotal role in the electrical equipment manufacturing sector, contributing significantly to various projects across the Middle East and North Africa.

In recent times, the company’s shares on the Egyptian Exchange have increased by 6.98 percent — rising from EGP29.78 ($0.965) on Jan. 8 to EGP31.86 ($1.033). This surge propelled its market capitalization above the $2-billion mark, returning substantial gains to its shareholders.

El-Sewedy family’s stake in Elsewedy Electric skyrockets above $1.5 billion

With a joint stake of 68.1-percent owned by Ahmed El-Sewedy and his siblings, Sadek and Mohammed, amounting to 1,478,358,330 ordinary shares, the company has flourished under their leadership, firmly positioning itself among Egypt’s most valuable companies.

As a result of the recent surge in company shares, the market value of the El-Sewedy family’s joint stake in Elsewedy Electric surged from EGP44.03 billion ($1.43 billion) on Jan. 8 to EGP47.1 billion ($1.52 billion) at the time of writing. This upswing solidifies their position as one of Egypt’s wealthiest families and prominent investors on the Egyptian Exchange.