Egypt’s wealthy Khamis family loses nearly $90 million as Egyptian pound tumbles

Egypt’s Khamis family, renowned for their contributions to the carpet industry, has seen a significant setback in their wealth. The market value of the family’s stake in Oriental Weavers, a leading carpet manufacturer, has declined by $88.36 million in recent weeks.

According to market data tracked by Billionaires.Africa, the market value of the Khamis family’s stake in Oriental Weavers has declined by EGP233.32 million ($88.36 million) since Feb. 27. This is linked to the recent devaluation of the Egyptian pound by the Central Bank of Egypt (CBE), coupled with a dip in Oriental Weavers’ share price.

The Khamis family: Maintaining control despite currency headwinds

The Khamis family, one of Egypt’s wealthiest, retains a controlling 56.58 percent stake in Oriental Weavers, a global leader in carpet manufacturing. The company distributes its products across more than 150 countries, solidifying its position as a key player in the MENA region.

Despite recent financial headwinds stemming from the Egyptian pound’s devaluation—a move by the Central Bank of Egypt to implement a more market-oriented exchange rate system—the Khamis family remains among the country’s most affluent and prominent investors.

Leading business executive Yasmine Mohamed Khamis, alongside her siblings, continues to steer the family’s investments. They maintain their majority stake in Oriental Weavers, the leading Cairo-based carpet manufacturer with production facilities in three countries.

Khamis family stake in Oriental Weavers declines amid currency woes

Over the past month, the Egyptian pound’s depreciation, coupled with a 3.16 percent drop in Oriental Weavers’ shares on the Egyptian Exchange, has caused a significant decline in the market value of the Khamis family’s holding in the global carpet leader. Their stake has fallen by EGP233.32 million ($88.36 million) to EGP7.16 billion ($150.95 million) from EGP7.40 billion ($239.31 million) on Feb. 27.

Data retrieved from Xe.com shows that the Egyptian pound has reached a historic low of 47.37 against the U.S. dollar, reflecting a year-to-date decline exceeding 35 percent. Despite these headwinds, the Khamis family remains committed to navigating the volatile market and preserving their legacy in Egypt’s business landscape.