Ghabbour family’s joint stake in Egyptian automaker, GB Corp, hits $200 million

Timilehin Adejumobi -

Key Point

  • The Ghabbour family’s stake in GB Corp. surged to $200 million on EGX amid strong share price gains.
  • Their investment increased by $57.06 million over 34 days, reflecting robust investor confidence.
  • Despite a 78.23% local currency gain, returns were reduced to 14.92% due to the Egyptian pound devaluation.

The Egyptian Ghabbour family has seen a significant increase in the market value of their stake in GB Corp, reaching the $200 million mark. This milestone comes as a result of a sustained rally in the conglomerate’s share price on the Egyptian Exchange (EGX).

According to data tracked by Billionaires.Africa, the Ghabbour family’s stake in the Egypt-based automaker has increased by EGP2.74 billion ($57.06 million) over the past 34 days. This growth reflects heightened investor interest in the group’s performance.

Previously, between May 13 and 29, the family recorded a gain of $20.7 million, with their stake rising from EGP6.68 billion ($140.51 million) to EGP7.66 billion ($161.2 million). The recent surge builds on these gains, demonstrating sustained investor confidence.

GB Corp.’s rise fuels Ghabbour family wealth

GB Corp., founded in 1985 by late Egyptian auto tycoon Raouf Ghabbour, dominates the Middle East and North Africa’s automotive sector. The Ghabbour family owns 63.4 percent of GB Corp. and holds key executive roles, making them leading investors on the EGX.

Since June 9, GB Corp. shares on the EGX have surged 39.41 percent, rising from EGP10.10 ($0.210) to EGP14.08 ($0.29). This increase has pushed the group’s market cap above $315 million, delivering significant returns to shareholders.

The Ghabbour family’s stake in GB Corp. has increased by EGP2.74 billion ($57.06 million) over the past thirty-four days, from EGP6.95 billion ($144.81 million) on June 9 to EGP9.69 billion ($201.87 million), solidifying their status as top investors on the EGX.

Your Money and Your Life

GB Corp. is among many Egyptian companies whose shares have delivered impressive year-to-date returns to shareholders. Investors in this automotive powerhouse have seen their holdings surge by 78.23 percent this year in local currency terms.

However, the Egyptian pound’s devaluation against the U.S. dollar since March 2024 has eroded some of those gains. Consequently, the 78.23 percent gain from the share price increase has been reduced to 14.92 percent in dollar terms.

A $100,000 investment in the automotive company’s shares on January 1 would now be worth $114,920, reflecting a gain of $14,920.