Egyptian Naguib Sawiris rakes in Over $110 million

Naguib Sawiris, an Egyptian billionaire and the founder and chairman of Orascom Investment Holding, has seen another surge in his net worth, adding $110 million to his already impressive billion-dollar fortune. 

His net worth increased to $5.91 billion from $5.8 billion on the 6th of April, further increasing his year-to-date (YTD) gains to $813 million.

Sawiris, who ranks as the second-richest man in Egypt and the North African region, has diversified investments in several industries. This includes telecommunications, real estate, technology, and mining. 

The Egyptian also owns a 70 percent stake in La Mancha Resources, a closely held company that invests in gold assets.

The recent surge in the price of gold has made La Mancha Resource experience a significant increase in its validation.

The prices of gold reached a 13-month-high earlier this month breaking through the $2,000 per ounce mark on the 14th of April before retreating to the $1,990 area. This caused a  positive impact on companies with significant gold assets, such as La Mancha Resources.

Aside from its investments in gold, La Mancha Resources is exploring new opportunities in the renewable energy market through its $1.4 billion La Mancha Fund SCSp. 

In addition to that, the company is also considering potential investments in junior miners and is ready to encourage consolidation in the sector through mergers and acquisitions.

Naguib Sawiris’ net worth has been increasing steadily since the start of the year, with a $703 million increase in his wealth figures. The latest surge in his net worth has made the billionaire inching closer to the $6 billion mark.

The billionaire businessman’s success can be attributed to the diversity of portfolio of investments in the economic uncertainty and a pullback in global equity markets.

His diversity and focus  in various industries and sustainability and renewable energy is a contributing factor to the success of his company in the future.

The Egyptian billionaire is poised to continue to grow his wealth and expand his business through tapping towards cleaner energy sources and greater sustainability.