Egyptian tycoon Ahmed Ezz gains $69 million within three weeks

Adding to the recent gains recorded since the start of the year, Ahmed Ezz, the Egyptian multimillionaire businessman and founder of Ezz Steel, has yet again seen the market value of his stake in Ezz Steel surge by more than $69 million in less than three weeks.

Data tracked by Billionaires.Africa revealed that the market value of Ezz’s stake in the leading steel producer has surged by EGP2.13 billion ($69.15 million) in just 16 days, riding the continued upward trend of the shares of the Cairo-based steel producer.

Ezz Steel, the largest independent steel producer in the Middle East and North Africa, has showcased remarkable financial resilience in recent years. With a total output of 5.14 million metric tonnes, Ezz Steel is far ahead of Saudi Arabia’s Hadeed and Emirates Steel.

The Egyptian industrialist owns 60.7 percent of the company, or 329,816,198 shares, in the steel behemoth, making him one of the wealthiest investors on the Egyptian Exchange and one of Egypt’s richest men.

This significant stake not only positions him as one of the richest investors on the Egyptian Exchange but also as one of the wealthiest individuals in Egypt.

In just 16 days, Ezz Steel shares listed on the Egyptian Exchange have experienced a remarkable surge of 16.85 percent, soaring from EGP 38.40 ($1.243) on July 27 to EGP 44.87 ($1.452) on Aug. 12, thus leading to gains amounting to billions of dollars for its shareholders, including billionaire Ahmed Ezz.

As a result of the remarkable double-digit percent bump in the group’s share price, the market value of Ezz’s stake has increased substantially by EGP2.13 billion ($69.15 million) from EGP12.66 billion ($410.44 million) on July 27 to EGP14.80 billion ($479.59 million) on Aug. 12, further cementing his position as one of the richest investors on the Egyptian Exchange.