Egyptian billionaire Hisham Talaat Moustafa has entered the African billionaire club as his stake in TMG Holding, a leading player in Egypt’s real estate sector, surpassed $1.3 billion. Moustafa’s wealth soared by nearly $400 million in just 21 days, fueled by sustained investor enthusiasm on the Egyptian Stock Exchange.
This rapid financial achievement underscores the impressive performance of Moustafa’s shares in the Cairo-based real estate holding company. His fortune has experienced a notable upswing this year, placing him among Africa’s elite billionaires, alongside notable names like Nassef Sawiris, Christo Wiese, Patrice Motsepe, and others.
According to data tracked by Billionaires.Africa, Moustafa’s stake in TMG has risen by EGP 12.07 billion ($390.5 million) since Jan. 23. This increase is linked to revived investor interest on the Egyptian Exchange, resulting in a continuous surge in TMG shares.
TMG Holding, led by Hisham Talaat Moustafa, sees phenomenal 42.28-percent stock surge
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 Moustafa.
Moustafa is not only one of the wealthiest investors on the Egyptian Exchange but also one of the wealthiest people in North Africa, thanks to his 43.16 percent investment in TMG, which amounts to 890,633,483 ordinary shares.
Over the past 21 days, TMG shares on the Egyptian Exchange have surged by 42.28 percent, rising from EGP32.05 ($1.037) on Jan. 23 to EGP45.60 ($1.476). This upswing in the shares of the real estate holdings’ has propelled its market capitalization above the $3-billion mark.
Moustafa’s TMG stake soars $390.5 million, cementing his status among Africa’s financial titans
As a result of the double-digit percent growth in the group’s share price, the market value of the stake held by Moustafa has surged by EGP12.07 billion ($390.5 million) over the past 21 days from EGP28.54 billion ($923.67 million) on Jan. 23 to EGP40.61 billion ($1.31 billion) on Feb. 13.
This notable upswing not only solidifies Moustafa’s standing as one of the most influential investors on the Egyptian Stock Exchange but also establishes him as one of the few billionaires on the African continent. He now joins the exclusive ranks of affluent families such as El-Sewedy, Sawiris, Mansour, Rupert, and Oppenheimer.
