The 25 Richest People on the Egyptian Exchange in July 2024

Omokolade Ajayi -

Key Point

  • EGX surges 54%, making billionaires & boosting top 25 investors’ holdings to $5 billion.
  • Strong earnings in financials, construction, and utilities drive market gains, attracting foreign investment.
  • Talaat Moustafa tops list, as stake in TMG Holdings explode to $1.28 billion, dethroning steel tycoon as Egypt’s top investor.

Despite a significant devaluation of the Egyptian pound this year, the country’s stock market has emerged as a surprising bright spot. Investors with stakes in listed companies on the Egyptian Exchange (EGX) have seen their holdings surge in value, with the value of the stake held by the 25 richest investors jumping to $5 billion in July 2024, up from under $2 billion in June 2023.

Steel tycoon Ahmed Ezz held the top spot last year with $411.3 million, but Hisham Talaat Moustafa, chairman of Talaat Moustafa Group (TMG) Holding, now reigns supreme. Moustafa’s EGX holdings have ballooned to $1.28 billion from $262.1 million in June 2023, propelling him from fifth to first place.

The EGX is reasserting itself as an attractive destination for domestic and international investors. Impressive financial results from listed companies are a key driver. Despite the ongoing Israel-Hamas conflict and power/gas shortages, well-timed policies and economic reforms under President Abdel Fattah al-Sisi have attracted investment and funding from the UAE, IMF, and EU, alleviating Egypt’s chronic foreign currency shortage.

While power cuts and gas shortages have challenged businesses and citizens, Egypt’s growth has outpaced its neighbors. Companies are capitalizing on the improved business climate and influx of investment to boost their financial strength and operations. This has translated into impressive earnings and valuations for Egyptian companies, particularly in financial services, electrical equipment, real estate, construction, and utilities. These sectors have delivered strong returns to shareholders.

Over the past year, the EGX has been a standout performer among African and Middle Eastern exchanges. The Egyptian equity market has risen 54 percent, with the benchmark EGX30 index climbing from 17,512 to 27,828.92. Total market capitalization has soared to EGP1.7 trillion ($35.4 billion) from EGP970 billion ($20.2 billion) in July 2023.

This surge has minted a new billionaire in Hisham Talaat Moustafa and propelled Ahmed Ezz, Ahmed Elsewedy, Sadek Elsewedy, Mohammed Elsewedy, and Mehmet Kutman to holdings exceeding $500 million each. Egyptian billionaire Samih Sawiris’ holdings in Orascom Development Egypt, Orascom Construction, and B Investments Holdings are now valued at over $304.59 million.

1. Hisham Talaat Moustafa

Hisham Talaat Moustafa, through TMG Holding, a global real estate powerhouse founded in 1974, has cemented his status among the leading business figures in Africa and the Middle East. His 51.19 percent stake in TMG Holding, including an 8.03 percent stake held through Alexandria Construction Company, has surged to $1.286 billion, making him the richest investor on the Egyptian Exchange (EGX). Under his leadership, TMG Holding continues to expand in the Middle East and Africa (MENA) region. The company’s loyal customer base of over 140,000 high-net-worth clients has propelled it to record-breaking sales. Earlier this month, TMG Holding disclosed $4.2 billion in bookings within twelve days from its new $20.9-billion mega-development, SouthMED, along the picturesque North Coast. This brisk sales momentum reflects a strong appetite for the project, fueled by Egypt’s enduring luxury real estate demand and TMG’s established brand.

2. Ahmed Ezz

  • Holdings: Ezz Steel
  • Market value of Holdings on EGX: $597.6 million

Ahmed Ezz, an Egyptian billionaire and prominent industrialist, holds a 66.45% stake in Ezz Steel, the leading steel producer in the Middle East and North Africa (MENA) with an annual production capacity of 7 million tonnes. Under Ahmed’s strategic leadership, Ezz Steel has reinforced its market dominance. His stake’s market value has surged close to $600 million, up from $411.3 million as of June 29, 2023, positioning him as the second-wealthiest investor on the EGX.

3. Sadek Elsewedy

Sadek Elsewedy, CEO of Elsewedy Industries and co-founder of Elsewedy Electric, is one of the leading investors on the Egyptian Exchange. His 25.18 percent stake in Elsewedy Electric has surged in value from $378 million on June 29, 2023, to $509.42 million. This substantial increase secures him a top position among the richest investors on the EGX. Elsewedy Electric is a leading cable and electrical equipment manufacturer, reflecting his significant influence in the industry.

4. Ahmed Elsewedy

Ahmed Elsewedy, a prominent businessman, led the establishment of the first private cable factory in Egypt in 1986, transforming Arab Cables Co. into a major global provider of integrated energy solutions. His 25.16 percent stake in Elsewedy Electric, a significant player in the Middle East and North Africa’s electrical equipment manufacturing sector, has increased from $362.7 million on June 29, 2023, to $509.02 million. Under his leadership, Elsewedy Electric has evolved into a regional and international provider of energy, digital, and infrastructure solutions. Recently, the company secured a QAR1 billion ($274.7 million) contract with Qatar General Electricity & Water Corporation (Kahramaa) for engineering, procurement, and construction services, further cementing its position in the sector.

5. Mohammed Elsewedy

Mohammed Elsewedy, Vice President of Elsewedy Electric, played a key role in transforming the family business from a local cable company to a leading global integrated energy solutions provider. His 17.76-percent stake in Elsewedy Electric is currently valued at $359.3 million. He has pioneered the manufacturing of special cables and fiberglass poles in the region and has held various operational, managerial, and business development roles within the company. Alongside his brothers, Ahmed and Sadek Elsewedy, he remains one of the top five richest investors on the EGX.

6. Mehmet Kutman

  • Holdings: Eastern Company 
  • Market value of Holdings on EGX: $351.94 million

Mehmet Kutman, chairman of Global Ports Holding, holds an indirect 30-percent stake in Eastern Company, one of the 100 most powerful companies in the Middle East. This stake, currently valued at $351.94 million, reinforces his significant presence in the region’s business landscape.

7. Samih Sawiris

Samih Sawiris, the youngest son of the late Egyptian tycoon Onsi Sawiris, controls Orascom Development Egypt, overseeing expansive developments in Egypt, Montenegro, and Switzerland. His substantial 75.09-percent stake in Orascom Development Egypt, along with holdings in Orascom Construction (12.5 percent) and B Investments Holdings (9.18 percent), totals $304.59 million, solidifying his stature among Egypt’s wealthiest.

8. Nassef Sawiris

Nassef Sawiris, Egypt’s wealthiest individual, owns 36.52 percent of Orascom Construction PLC, valued at $217.85 million, contributing to his broader fortune estimated at $9.1 billion by Bloomberg Billionaires Index.

9. Safwan Thabet

Safwan Thabet, renowned in the packaged foods sector, founded Juhayna Food Industries in 1983, establishing it as Egypt’s leading producer of dairy and juice. His 50.07-percent stake, valued at $196.19 million, highlights his pivotal role in the company’s growth and prominence.

10. Yasmine Mohamed Khamis & Family

Yasmine Mohamed Khamis, daughter of the late Egyptian business titan Mohamed Farid Khamis, leads Oriental Weavers, a leading manufacturer of tufted and jet-printed rugs and carpets. Following her father’s passing in September 2020, Yasmine, alongside her sister Farida, now oversees the business. The Khamis family collectively holds a 56.58% stake in Oriental Weavers, valued at $180.13 million on the Egyptian Exchange.

11. Azza Elsewedy

Azza Elsewedy serves as a non-executive board member at Elsewedy Electric, where she holds a 2.97-percent stake. Her strategic insights and industry expertise have significantly contributed to the company’s global growth since joining in 2021. Her stake is currently valued at $60.09 million, solidifying her position among Egypt’s top 25 richest investors.

12. Zainab Elsewedy

Zainab Elsewedy, a member of the esteemed Elsewedy family, also holds a 2.97-percent stake in Elsewedy Electric, valued at $60.09 million. Her investment underscores her prominence among Egypt’s wealthiest investors on the EGX.

13. Mona Elsewedy

Mona Elsewedy, another key figure in the Elsewedy family, holds a 2.97-percent stake in Elsewedy Electric, worth $60.09 million. Her strategic contributions have played a pivotal role in the company’s success, further cementing her place among Egypt’s top investors.

14. Naguib Sawiris

  • Holdings: Orascom Construction, Orascom Investment Holding
  • Market value of Holdings on EGX: $57.64 million

Naguib Sawiris, the second-richest man in Egypt with a fortune of $7.18 billion, holds a controlling 51.7-percent stake in Orascom Investment Holding (OIH) and a 5.84-percent share in Orascom Construction. His combined holdings in these companies amount to $57.64 million on the EGX.

15. Hend-El-Sherbini

Hend El Sherbini is the CEO and largest individual shareholder of Integrated Diagnostics Holdings, a prominent provider of medical diagnostic services across Egypt, Jordan, Sudan, and Nigeria. She owns a 27.07-percent stake in the company, listed on both the Egyptian and London stock exchanges, valued at $50.48 million.

16. Medhat Khalil

  • Holdings: Raya Holding
  • Market value of Holdings on EGX: $39.46 million 

Medhat Khalil, founder of Raya Holding in 1999, has transformed the company into a diversified investment firm encompassing electronic payments, microfinance, restaurants, food trading, and vehicle assembling. Beginning with his IT ventures, including Protech and Oratech in partnership with Orascom Group, Khalil now owns a 44.22-percent stake in Raya Holding, valued at $39.46 million on the EGX.

17. Yasseen Mansour

  • Holdings: Palm Hills Developments
  • Market value of Holdings on EGX: $28.95 million 

Egyptian billionaire Yasseen Mansour is the chairman of Palm Hills Developments, a leading developer in Egypt known for integrated residential, commercial, and resort projects. He holds a significant 10.17-percent stake in Palm Hills, equivalent to approximately 299 million shares, valued at $28.95 million on the EGX.

18. Khaled Mahmoud

  • Holdings: MM Group For Industry And International Trade
  • Market value of Holdings on EGX: $22.29 million

Khaled Mahmoud, chairman of MM Group For Industry And International Trade, leads in local consumer electronics distribution and retail in Egypt. The conglomerate, operational for over 120 years, also handles luxury vehicle brands like Land Rover and Jaguar in Egypt. Mahmoud holds a 10.13-percent stake in MM Group, valued at $22.29 million.

19. Hani Mahmoud

  • Holdings: MM Group For Industry And International Trade
  • Market value of Holdings on EGX: $22.29 million

Hani Mahmoud, chairman and CEO of MM Group, brings over three decades of industrial and manufacturing expertise. His strategic alliances across the region have been pivotal in MM Group’s growth. Mahmoud owns a 10.13-percent stake in the company, currently valued at $22.29 million.

20. Amr Mahmoud

  • Holdings: MM Group For Industry And International Trade
  • Market value of Holdings on EGX: $21.28 million

Owning a 9.67-percent stake (worth $21.28 million), Amr Mahmoud, from the billionaire Mahmoud family, is among the 25 wealthiest investors on the EGX.

21. Mohamed Mahmoud

  • Holdings: MM Group For Industry And International Trade
  • Market value of Holdings on EGX: $20.22 million

Holding a 9.19-percent stake valued at $20.22 million, Mohamed Mahmoud is another member of the prominent Mahmoud family with significant holdings in MM Group.

22. Waleed Zaki

  • Holdings: Pioneers Holdings
  • Market value of Holdings on EGX: $16.9 million

With a 26-percent stake worth $16.9 million, Waleed Zaki is a major investor in Pioneers Holdings.

23. Rasha Amin Mohamed Mahmoud

  • Holdings: MM Group For Industry And International Trade
  • Market value of Holdings on EGX: $11.09 million

Rasha Amin Mohamed Mahmoud owns a 5.04-percent stake in MM Group valued at $11.09 million.

24. Rania Amin Mohamed Mahmoud

  • Holdings: MM Group For Industry And International Trade
  • Market value of Holdings on EGX: $11.09 million

Rania Amin Mohamed Mahmoud owns a 5.04-percent stake in MM Group valued at $11.09 million.

25. Lamia Sharif Salah El Din Mohamed Mahmoud

  • Holdings: MM Group For Industry And International Trade
  • Market value of Holdings on EGX: $8.7 million

Lamia Sharif Salah El Din Mohamed Mahmoud owns a 3.95-percent stake in MM Group, with a market value of $8.7 million.

Methodology: Billionaires.Africa compiled this list of the 25 richest individuals on the EGX based on data from investment agencies, annual reports, and capital market registrars. The list focuses on individual ownership and excludes multi-generational family fortunes. In cases of unclear ownership breakdowns, the fortune is attributed to the family’s most prominent member. Valuations are based on closing prices on July 16 and converted to U.S. dollars using current exchange rates. Publicly available documents and disclosures were also considered.