Egypt’s richest man Nassef Sawiris earned $150 million in 4 days

by MMC
0 comment

Nassef Sawiris, Egypt’s richest man and one of Africa’s richest billionaires, has witnessed a remarkable rebound in his fortune, recording an impressive $150 million gain in space of four days.

According to Bloomberg Billionaires Indexwhich tracks the wealth of the world’s 500 richest people, Nassef Sawiris’ net worth jumped $150 million in just four days, translating to an average gain of $37.5 million per day since September 26.

The fortune of the leading billionaire, who is Egypt’s richest man and Africa’s fourth richest individual, currently stands at $7.48 billion, up from $7.33 billion on September 26 .

In recent weeks, Sawiris has faced a temporary setback as his net worth fell by $103 million between September 16 and 21.

However, his financial acumen and resilience shone through as he quickly bounced back, not only raking in $150 million in the span of four days, but also amassing a remarkable total of $457 million in wealth gains since 1 January until today.

This remarkable financial gain can be attributed to the significant increase in the valuation of its diversified investments, including its stake in Adidas, a 38.8 percent stake in the major Dutch company OCI NV, as well as its 5 percent stake in the listed company. listed multinational manufacturer of specialty materials, Arkema SA

Although there was a slight $9 million increase in its 5 percent stake in Arkema SA, the $100 million hike in its 38.8 percent stake in well-known Dutch company OCI NV has mainly contributed to the recent growth of Sawiris’ wealth.

Shares of the Dutch company have fallen from a price of €25.06 ($23.99) per share on September 26 to €26.39 ($27.95) per share at the time of writing, which represents a total gain for shareholders of 5.31%.

Following this recent increase in his fortune, Nassef Sawiris now owns a staggering $7.48 billion, propelling him from 306th to 300th place on the prestigious Bloomberg Billionaires Index. This solidifies his position as the richest individual in Egypt.

You may also like

Leave a Comment

The news website dedicated to showcasing Africa news is a valuable platform that offers a diverse and comprehensive look into the continent’s latest developments. Covering everything from politics and economics to culture and wildlife conservation

u00a92022 All Right Reserved. Designed and Developed by PenciDesign