Egypt’s richest man loses $350 million in just six days

Nassef Sawiris, Egypt’s richest man and one of Africa’s most affluent billionaires, has experienced a significant decline in his fortune in recent times, with his net worth declining by $350 million over the past six days, marking a reversal from previous gains.

According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s top 500 richest individuals, Nassef Sawiris — who ranks as the richest individual in North Africa — has seen his net worth slump by $350 million over the past six days, declining from $8.67 billion on April 9 to $8.42 billion.

Nassef Sawiris’ wealth dips

The recent declines in Nassef Sawiris’ holdings have eroded his year-to-date gains, pushing his wealth down by $85.6 million since the start of the year. The drop is linked to the performance of his stakes in OCI N.V. and Adidas. Sawiris owns a 38.8-percent stake in Netherlands-based OCI N.V. and a six percent stake in the renowned German sportswear giant, Adidas.

Sawiris’ stake in OCI has declined by $200 million to $2.15 billion from $2.35 billion. The decrease is linked to investor sentiment on the Deutsche Börse exchange, where OCI is listed. Meanwhile, Adidas shares have experienced a modest decrease of 2.29 percent since April 9, with the market capitalization of the sportswear giant dipping below the $36-billion mark.

Sawiris Remains North Africa’s wealthiest

Despite this recent decline in the market value of his investments in Adidas, and OCI N.V., and Orascom, Nassef Sawiris, a leading North African businessman and investor, retains his top spot as not only Egypt’s richest man.

However, the leading Egyptian billionaire has seen his ranking on the Bloomberg Billionaires Index slip following a decline in the market value of his holdings. Sawiris, previously positioned at number 300, now sits at 307.