Nassef Sawiris' wealth surges by $600 million, cementing position as Egypt's richest

Despite experiencing a $300-million decline in his net worth from March 10 to 17, Egypt’s richest man,Nassef Sawiris has rebounded strongly in recent weeks. As a result, his total wealth gains for the year have now surged to an impressive $600 million.

According to the Bloomberg Billionaires Index, which monitors the wealth of the top 500 richest individuals in the world, Sawiris’ net worth has surged by $600 million, reaching $7.62 billion at the time of writing this report, up from $7.02 billion on Jan. 1.

The substantial increase has solidified his position not only as the richest man in Egypt but also as one of the richest billionaires in Africa.

The boost in his net worth can be attributed to his six-percent stake in Adidas AG, a German multinational sportswear manufacturer.

According to data tracked by Billionaires.Africa, Adidas shares have surged by over 26 percent since the beginning of this year, rising from €127.7 ($139.6) on Jan. 1 to €162.28 ($177.35) at the time of writing this report.

As a result, the market value of Sawiris’ six-percent stake in the company has surpassed $2.2 billion.

This recent spike in Adidas shares follows the announcement by the company’s CEO Bjørn Gulden that 2023 will be a “transition year” for the brand, despite its lackluster financial performance.

As a result, the board has recommended a reduced dividend of €0.70 ($0.74) per share, compared to €3.3 ($3.49) per share in 2021.

Gulden emphasized the importance of motivated people and a strong Adidas culture in rebuilding a unique Adidas business model.

He stated that while Adidas has all the necessary components to succeed, the company needs to focus on its core: product, consumers, retail partners, and athletes.

To regain profitability by 2024, Adidas will concentrate on reducing inventories and minimizing discounts, according to Gulden.

The strategic shift is crucial as the company strives to maintain its competitive edge in the global market.