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Egyptian billionaire Naguib Sawiris has seen a $130-million boost in his wealth over the last 17 days. His diversified investments in telecom, mining, and construction sectors contributed to this surge, bringing his net worth closer to $7 billion.
According to the Bloomberg Billionaires Index, which tracks the fortune of the world’s wealthiest billionaires, Sawiris, Egypt’s second-richest person, added $130 million to his fortune over the past 17 days. His net worth rose from $6.6 billion on March 23 to $6.73 billion as of this writing.
Naguib Sawiris sees fortune rise by $130 million
This recent surge extends his year-to-date gains to $256 million and is attributed to his diversified investment portfolio. The portfolio includes stakes in La Mancha Resources and Endeavor Mining, a publicly traded gold producer listed on the London Stock Exchange.
With a net worth of $6.73 billion, Sawiris not only remains Egypt’s second-richest businessman but also ranks 410th on Bloomberg’s list of the world’s wealthiest individuals, solidifying his position as one of Africa’s most affluent billionaires.
From Vimpelcom divestment to cash and private assets
Naguib Sawiris’ investment strategy has undergone a transformation in recent years. Following his divestment from Russian telecom giant Vimpelcom (now Veon) between 2011 and 2012, he has deployed capital through a series of private investment vehicles. He also remains actively engaged in seeking new opportunities.
In an April 2018 interview with Bloomberg News, Sawiris declared himself as one of the world’s largest gold-mining investors. His 37-percent stake in publicly traded Orascom Investment Holding is held indirectly through OTMT Acquisition Sarl, a Cairo-based company formed from the merger of Vimpelcom and Orascom’s former parent, Orascom Telecom Holding.
