Table of Contents
Key Points
- Mohammed Elsewedy's wealth is up by $293 million in 2024, driven by a surge in his 18% stake in Elsewedy Electric.
- Despite a 39.2% decline in the Egyptian pound, Elsewedy’s stake rose by $293 million, highlighting resilience in a tough economy.
- Elsewedy Electric’s stock surged 197.31%, lifting its market cap to $3.6 billion, reflecting strong investor confidence and returns.
Egyptian businessman Mohammed Elsewedy has seen a dramatic rise in his fortune, with the value of his stake in Cairo-based Elsewedy Electric surging by over $290 million since the start of the year. This boosted his wealth, solidifying his position as one of Egypt’s richest individuals.
Elsewedy’s 18.01 percent stake, representing 385,554,095 shares, has gained $293.14 million in market value in 2024, despite the sharp devaluation of the Egyptian pound. This remarkable growth highlights his resilience in navigating one of Egypt’s most challenging economic years.
However, the value of his stake could have appreciated by as much as $712.8 million had the Egyptian pound not depreciated by 39.2 percent against the U.S. dollar. The currency's devaluation, driven by the Central Bank of Egypt’s exchange rate liberalization efforts, has exerted significant pressure on asset values and corporate valuations across the country.
Elsewedy Electric sees 81% dollar-based surge amid EGX rally
Elsewedy Electric, founded in 1938 by the El-Sewedy family, is a leading player in Egypt and the MENA region's electrical industry. The company offers cables, transformers, energy meters, and wind energy solutions, enhancing its role in regional energy infrastructure.
Elsewedy Electric's stock has surged 197.31 percent this year on the Egyptian Exchange, rising from EGP29 to EGP86.22. In U.S. dollar terms, adjusted for the devaluation of the Egyptian pound, the increase is 81.14 percent, from $0.94 to $1.7.
The growth has lifted the company's market cap to over $3.6 billion, reflecting strong investor confidence and delivering solid returns to shareholders, including Mohammed Elsewedy.
Elsewedy’s wealth up $293 million despite currency volatility
His stake’s local currency value has risen by EGP22.06 billion—from EGP11.18 billion to EGP33.24 billion. Despite currency headwinds, the dollar-denominated value of his stake increased from $361.26 million to $654.4 million, marking a net gain of $293.14 million.
Elsewedy’s wealth growth reflects his ability to navigate Egypt’s economic volatility, driven by strong company fundamentals and strategic positioning. It underscores the resilience of Egypt’s private sector amid currency fluctuations and macroeconomic challenges
