Egypt’s Billionaire El-Sewedy Family Sees $677 Million Loss Amid Egyptian Pound’s Decline

Egypt’s El-Sewedy family, known for their prominent role among the country’s billionaire elite, has seen the value of their investment in Elsewedy Electric, a leading manufacturer of electrical equipment, fall significantly.

This collapse, which has resulted in an astounding $677-million fall in market value since March 6, is ascribed to the recent devaluation of the Egyptian pound, prompted by the Central Bank of Egypt’s (CBE) adoption of a more market-oriented exchange rate regime.

Elsewedy Electric was founded in 1938 by the El-Sewedy family and has played an important role in creating the electrical industry landscape, contributing significantly to projects throughout the Middle East and North Africa.

Ahmed El-Sewedy and his siblings, Sadek and Mohammed, currently own a controlling position of 68.1 percent in the corporation, which represents 1,478,358,330 ordinary shares. This stake has solidified their place among the country’s wealthiest individuals.

The CBE’s intention to convert to a market-determined exchange rate is intended to address Egypt’s urgent foreign currency deficit. In addition, the bank boosted interest rates by 600 basis points to 27.25 percent in an effort to address the economic issue.

This devaluation, combined with a drop in El-Sewedy Electric’s share price on the Egyptian Exchange, has resulted in a major reduction in the value of the El-Sewedy family’s investment. Their holdings fell by $677 million, from $1.96 billion to $1.28 billion.

Despite the $677 million financial setback, the El-Sewedy family remains one of Egypt’s leading billionaires and among the biggest investors on the local stock exchange.

At the time of writing, the pound was trading at a record low of 47.8 against the US dollar, representing a 35.36 percent year-to-date depreciation, according to statistics from

The El-Sewedy family’s experience demonstrates the influence of currency changes on the fortunes of even the wealthiest people. It exposes Egypt’s economic challenges in the midst of continued market volatility.

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