Nassef Sawiris, Egypt’s Richest Man Loses $103 Million in 5 Days

Nassef Sawiris, Egypt’s richest man and one of Africa’s wealthiest billionaires, has seen his fortune plummet by more than $100 million in only five days.

Sawiris’ net worth has dropped by $103 million in only five days, averaging $20.6 million per day since September 16, according to the Bloomberg Billionaires Index, which tracks the wealth of the world’s top 500 richest people.

The fortune of Egypt’s richest man, as well as Africa’s fourth-wealthiest individual, currently stands at $7.51 billion, down from $7.67 billion on Sept. 16.

This is due to a decline in the value of his diversified investments, which include a $2 million decrease in his ownership stake in Aston Villa F.C. and a $6 million decrease in his 5% ownership stake in Arkema S.A., a publicly traded multinational manufacturer of specialty materials.

Notably, a sizable portion of his fortune stems from his controlling 38.8 percent investment in the leading Dutch-based OCI N.V. and his six percent stake in the worldwide recognized sportswear company Adidas AG, which he has reduced by $50 million.

Sawiris’ position in Adidas AG has dropped by €93.84 million ($100 million) since September 16, as investors continue to sell off their holdings in the shoe and sports equipment maker.

Sawiris, who is on the board of the world’s top maker and distributor of nitrogen products, has also served on the board of the German sportswear behemoth since 2016.

Sawiris’ fortune has plummeted, with his Adidas holdings falling from €2.17 billion ($2.30 billion) on Sept. 16 to €2.06 billion ($2.20 billion) at the time of writing.

Despite a recent $103 million drop in his fortune, Sawiris’ current fortune of $7.51 billion ranks him 303rd among the world’s billionaires, according to the Bloomberg Billionaires Index. He is the richest man in Egypt and the richest person in the Arab world.

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