Table of Contents
Key Points
- A 5% rise in Elsewedy Electric’s stock added over $80 million to Ahmed and Sadek El-Sewedy’s combined fortune in under three weeks.
- The billionaire brothers now control a combined stake in Elsewedy Electric worth nearly $1.7 billion, reflecting steady investor confidence.
- Founded in 1938, Elsewedy Electric plays a central role in Egypt’s infrastructure and energy sector amid regional manufacturing ambitions.]
Egyptian billionaire brothers Ahmed and Sadek El-Sewedy have added more than $80 million to their combined fortune in under three weeks, following a rise in the share price of Elsewedy Electric. The jump in value not only boosts their standing among Egypt’s wealthiest individuals but also reflects growing investor confidence in the country’s industrial sector.
Their company, Elsewedy Electric, has deep roots. It began in 1938 when the El-Sewedy family launched a small electrical shop in Cairo. Over the decades, it steadily expanded from supplying wires and meters to becoming one of the Middle East and Africa’s most prominent engineering and infrastructure firms.
Today, with Ahmed serving as CEO and Sadek as non-executive chairman, the company plays a central role in Egypt’s industrial landscape—providing everything from power cables and transformers to managing large-scale infrastructure and telecom projects across the region.
Brothers build quiet wealth in Egypt
From June 19 to July 10, Elsewedy Electric’s stock climbed from EGP73 ($1.47) to EGP76.66 ($1.54), a 5.01 percent increase that pushed the company’s market capitalization past $3.2 billion. This lifted the value of both brothers' stakes in the business.
Ahmed, who holds a 25.52 percent stake—or 546,252,820 shares—saw his holdings grow from EGP39.88 billion ($802.99 million) to EGP41.88 billion ($843.25 million), a gain of $40.26 million. Sadek, with a slightly larger 25.53 percent stake, saw his shareholding rise from EGP39.9 billion ($803.36 million) to EGP41.9 billion ($843.63 million), adding $40.28 million.
These gains build on earlier advances this year. Between April 9 and May 27, Ahmed saw his stake grow by $36 million, while Sadek recorded a $55 million increase between April 9 and May 15. Together, they’ve added more than $170 million in just a few months, a reflection of the company’s resilience in a tough market and the brothers’ steady-handed approach to business.
Elsewedy Electric resilient amid EGX volatility
While Elsewedy Electric’s shares are down slightly year-to-date, by just 0.44 percent, or the equivalent of a $440 dip on a $100,000 investment at the start of the year, analysts and institutional investors remain optimistic.
The company has held firm during a volatile stretch for the Egyptian Exchange (EGX), supported by a healthy pipeline of projects, solid earnings, and strong demand for infrastructure within Egypt and the region.
With a combined stake now worth nearly $1.7 billion, the El-Sewedy brothers are more than just major shareholders. They’ve become trusted figures in Egypt’s business community, known for turning a family business into one of the country’s most globally recognized industrial brands.
As Egypt steps up efforts to become a regional center for manufacturing and energy exports, Elsewedy Electric is expected to stay at the heart of that push, continuing a story that began nearly nine decades ago in a small Cairo workshop.
