Egypt’s richest man, Nassef Sawiris, has seen a significant drop in his net worth over the past ten days. This drop, which amounts to $130 million, is the direct consequence of the recent drop in the market value of its major industrial investments.
THE Bloomberg Billionaires Indexrenowned for tracking the fortunes of the world’s 500 richest billionaires, reported that Sawiris’ net worth had reached $130 million in the last ten days.
This development contrasts sharply with his financial situation ten days ago, when he witnessed an increase in his income. $150 million between September 26 and 30. During this period, his wealth increased from $7.33 billion to $7.48 billion.
The recent decline is primarily attributed to a reduction in the market value of Sawiris’ 38.8 percent stake in OCI NV, a major global producer of natural gas-based chemicals based in the Netherlands.
OCI NV is recognized for its diverse product line, which includes nitrogen fertilizers, fuels, methanol and various other natural gas-derived products serving global needs in the agriculture, transportation and industrial sectors.
Currently, OCI NV has substantial production capacity of approximately 16.2 million metric tons in several countries, including the Netherlands, the United States, the United Arab Emirates, Egypt and Algeria.
This positions the company as one of the largest nitrogen fertilizer producers in the world. At the time of writing, the market value of Nassef Sawiris’ stake in the company is estimated at $2.16 billion.
In addition to his investments in OCI NV, Nassef Sawiris owns a six percent stake in the famous sportswear giant Adidas AG. At the time of writing, the market value of this stake in the German sportswear giant stands at $2.18 billion.