2024-01-13 13:46:22
After an exceptional year in 2023 which saw the wealth of Nassef Sawiristhe richest man inEgypt and D’North Africa, reaching a peak of more than 8 billion dollars, the first ten days of the following year saw a significant drop. The massive sell-off in the market had a direct impact on Sawiris, whose net worth declined alarmingly.
According to the Bloomberg Billionaires Index, which tracks the fortunes of billionaires across the globe, the wealth of Sawiris suffered a depreciation of $271 million in this short period, from $8.41 billion on January 1 to $8.14 billion at the time of writing. This decrease represents an average daily loss of $27.1 million since the start of the year.
The main reason for this disappointment lies in the disappointing performance of its diversified investment portfolio. Sawiris holds notable stakes in entities such asAston Villa FC and the multinational manufacturer of special materials, Arkema SA. However, it is its substantial 38.8% stake in the Dutch fertilizer company OCI NV and its six percent stake in the sports giant Adidas AG who were particularly affected.
The participation of Sawiris in Adidas posted an $80 million drop, but the real key to its recent loss is a $350 million decrease in its share in OCI NV. The latter’s shares fell 4.94%, from €26.35 ($28.937) per share on January 1 to €25.11 ($27.574) per share at the time of reporting.
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