Egypt's wealthiest familiy suffers $800 million net worth loss in 2022

The Sawiris family, known as Egypt’s wealthiest family and the wealthiest family in the Arab world, saw their net worth drop by $800 million in 2022, according to a recent report by Forbes.

The combined wealth of the Sawiris family, which includes the fortunes of three Egyptian billionaires—Naguib, Samih, and Nassef Sawiris—fell by $800 million over the course of the year to $11.2 billion.

This decrease in net worth coincides with the economic struggles faced by Egypt, including shortages of foreign currencies, a decline in the value of their local currency, and an increase in the inflation rate.

The Sawiris family was not the only African billionaire family to experience a significant drop in net worth in 2022, as many faced challenges such as rising global interest rates, geopolitical tensions, and global supply chain difficulties that impacted the financial performance and valuation of their companies.

Despite this decline, the Sawiris family is set to benefit from the Netherlands-based fertilizer producer OCI NV, in which they hold direct and indirect stakes.

the Netherlands-based fertilizer producer is planning to distribute a semi-annual cash return of $730 million to its shareholders in April 2023.

According to its third-quarter earnings report, this distribution will include a base of $200 million for the period ending December 31, following total cash distributions of $1.1 billion in 2022.

OCI N.V. has seen strong growth recently, with revenue increasing 82 percent from $4.1 billion in the first nine months of 2021 to $7.5 billion in the same period of 2022.

This growth was driven by higher selling prices year-on-year for all products, including ammonia, urea, and nitrates. As a result, the company’s net profit reached a record $1.4 billion, up from $284.4 million the previous year.