Sadek El-Sewedy gains $405 million from Elsewedy Electric despite currency devaluation
Sadek El-Sewedy’s stake could have seen a higher growth of $633.88 million if not for the 39.16 percent devaluation of the Egyptian pound.
Sadek El-Sewedy
Shares held by El-Sewedy brothers in Egyptian electric giant near $1 billion each
The El-Sewedys, founders of the electrical equipment manufacturing powerhouse, collectively hold a 51.05 percent stake in Elsewedy Electric.
El-Sewedy brothers lose $175 million after becoming Egypt's newest billionaires
Ahmed El-Sewedy, CEO of Elsewedy Electric, and his brother Sadek, the company’s non-executive chairman, hold a majority 51.05 percent stake.
Egyptian brothers, Ahmed and Sadek El-Sewedy, emerge as Egypt’s newest billionaires
The rise in the El-Sewedy brothers' fortunes is attributed to an 80.6-percent increase in Elsewedy Electric's share price.