Egyptian billionaire Ghabbour family faces $13.1-million setback in recent weeks

Yusuf Abdulfatai -

The Egyptian billionaire Ghabbour family has witnessed a multi-million plunge in the market value of their shareholding in GB Corp in recent times. This decline coincided with a significant drop in the group’s share price on the Egyptian Exchange.

According to data tracked by Billionaires.Africa, the Ghabbour family’s stake in the Egypt-based automaker has declined by EGP614.5 billion ($13.06 million) within the last 11 days, as investors on the local bourse continue to reduce their stakes in the leading company.

The latest drop follows a previous decline of EGP1.54 billion ($32.08 million) between April 15 and 29, which saw the Ghabbour family’s automotive holdings decrease from EGP8.23 billion ($171.79 million) to EGP6.69 billion ($139.71 million).

GB Corp’s market cap dips below $230 million

GB Corp, founded in 1985 by the late Egyptian auto tycoon Raouf Ghabbour, has emerged as a major player in the automotive distribution and assembly sector across the Middle East and North Africa.

The Ghabbour family maintains control of GB Corp, with family members holding executive positions on the group’s board. The wealthy family owns a 62.9 percent stake in the company, solidifying their position as prominent investors on the Egyptian Exchange.

Shares of GB Corp on the Egyptian Exchange have declined by 8.41 percent, falling from EGP 10.70 ($0.23) on May 2 to EGP 9.80 ($0.21). This drop has resulted in millions of dollars in losses for shareholders, including the affluent Ghabbour family.

GB Corp shares slump, eroding Ghabbour family fortune

The single-digit percentage drop shaved EGP614.5 million ($13.06 million) off the family’s holding, bringing its current value to EGP6.69 billion ($142.2 million). Their stake was valued at EGP7.31 billion ($155.26 million) on May 2.

Despite the setback, the Ghabbours remain among the wealthiest investors on the Egyptian Exchange. They hold a prominent position among Egypt’s most affluent families and continue to contribute significantly to the country’s economic landscape.