Egyptian billionaire Naguib Sawiris has seen a significant rise in his fortune after a recent surge in investments across the Middle East and North Africa (MENA) region propelled his net worth above $6.5 billion.
According to the Bloomberg Billionaires Index, Sawiris’ net worth has soared by $310 million over the past month alone, marking an average daily increase of $9.7 million since Feb. 20. This surge has seen his wealth rise from $6.29 billion on Feb. 20 to $6.6 billion at the time of drafting this report.
Naguib Sawiris’ wealth skyrockets, fueled by diversified investments across key sectors
The surge in Sawiris’ wealth, representing an average daily gain of $9.7 million since Feb. 20, reflects his strategic investments across various sectors, including real estate, telecommunications, and mining.Â
His diversified investment portfolio, including holdings in La Mancha Resources and stakes in Endeavor Mining, has contributed significantly to his year-to-date wealth gains of $122 million.
With this substantial increase in his fortune, Sawiris further solidifies his position as Egypt’s second-richest individual and joins the ranks of Africa’s most affluent billionaires. His net worth of $6.6 billion places him as the world’s 419th wealthiest individual according to Bloomberg.
Naguib Sawiris solidifies place among Egypt’s elite, bolsters MENA influence
Having divested shares in Russian telecommunications company Vimpelcom between 2011 and 2012, Sawiris currently holds his wealth primarily in cash and private assets. His 37-percent stake in publicly traded Orascom Investment Holding is held indirectly through OTMT Acquisition Sarl, a Cairo-based company resulting from the merger between Vimpelcom and Orascom’s former parent company.
Sawiris’ recent wealth surge not only cements his position as one of Egypt’s most prominent business figures, but also highlights his growing influence in shaping economic landscapes across the Middle East and North Africa.
Despite his immense wealth, Sawiris trails his younger brother, Nassef Sawiris, whose fortune of $8.56 billion stems from investments in OCI N.V. and the German sportswear giant Adidas. However, Naguib Sawiris’ recent surge underscores his significant influence in the Middle East and North Africa and his ascent among the world’s elite billionaires.
