Hisham Talaat Moustafa, a leading Egyptian businessman and one of the country’s wealthiest individuals, has experienced a notable increase in his wealth in 2024. His holdings in TMG Holding on the Egyptian Exchange have surged, contributing to nearly $200 million in gains.
According to data tracked by Billionaires.Africa, Moustafa’s stake in the Cairo-based real estate holding company has risen by EGP 6.1 billion ($197.43 million) in the past 21 days. This uptick is a result of growing investor and market interest, leading to sustained buying activity in the company’s shares on the Egyptian Exchange.
TMG shares surge by 28.36 percent, market cap soars above $2 billion
TMG Holding is a leading force in Egypt’s real estate industry, with a long history dating back to its inception in 1974. Over the years, the company has grown to become one of the largest real estate holdings in Egypt, thanks to the visionary leadership of Hisham Talaat Moustafa.
With a 43.16-percent stake in TMG Holding, Moustafa ranks as one of the richest investors on the Egyptian Exchange. Since the start of the year, the surge in TMG shares on the Egyptian Exchange has delivered significant value to Moustafa and other shareholders.
The share price of the real estate holding company has surged by 28.36 percent, rising from EGP 24.15 ($0.782) on Jan. 1 to EGP31 ($1.003). This propelled the group’s market capitalization above the $2-billion milestone, thus cementing its position among Egypt’s most valuable firms.
Moustafa’s wealth soars: $197-million surge fuels his rise as a top Egyptian investor
Due to a double-digit surge in the group’s share price, Moustafa’s stake has seen a remarkable increase of EGP6.10 billion ($197.43 million) since the start of the year. This surge has propelled the market value of his from EGP21.51 billion ($696.05 million) on Jan. 1 to EGP27.61 billion ($893.48 million).
Amidst this market upswing, the significant increase in Moustafa’s share value not only solidifies his standing as a high-value investor on the Egyptian Exchange but also reinforces his status as one of the wealthiest individuals in the country.