Egyptian billionaire Naguib Sawiris has seen another surge in his net worth, adding $110 million to his already impressive billion-dollar fortune.
The founder and chairman of Orascom Investment Holding, has seen his net worth rise to $5.91 billion from $5.8 billion on April 6, further increasing his year-to-date (YTD) gains to $813 million.
Sawiris, who ranks as the second-richest man in Egypt and the North African region, has invested in a diverse range of industries including telecommunications, real estate, technology, and mining. He also owns a 70-percent stake in La Mancha Resources, a closely held company that invests in gold assets.
La Mancha Resources has seen a significant increase in its valuation, driven by the surge in gold prices. Earlier this month, gold prices reached a 13-month-high, breaking through the $2,000 per ounce mark on April 14 before retreating to the $1,990 area. This has had a positive impact on companies with significant gold assets, such as La Mancha Resources.
In addition to its investments in gold, La Mancha Resources is actively exploring new opportunities in the renewable energy market through its $1.4-billion La Mancha Fund SCSp. The company is also considering potential investments in junior miners and is keen to foster consolidation in the sector through mergers and acquisitions.
Sawiris’ net worth has been increasing steadily since the start of the year, with a $703 million increase in his wealth figures between Jan. 1 and April 6.
With the latest surge in his net worth, Sawiris is inching closer to the $6 billion mark.
The billionaire businessman’s success can be attributed to the resilience of his diverse portfolio of investments in the face of mounting macroeconomic uncertainty and a pullback in global equity markets.
Sawiris’ investments in various industries and his focus on sustainability and renewable energy bode well for his future success.
As the world shifts towards cleaner energy sources and greater sustainability, the Egyptian billionaire is well-positioned to continue to grow his wealth and expand his business empire.
