This North African billionaire earned $370 million in 12 days – La Nouvelle Tribune

Nassef Sawiris, the Egyptian businessman, has just experienced a spectacular financial rise, consolidating his position as the richest individual in Egypt and North Africa. Over the past 12 days, his fortune has grown by an impressive $370 million, erasing a previous loss of $130 million since October 20.

This remarkable recovery has been driven by the exceptional performance of its investments, particularly its stake in Adidas, Europe’s largest sportswear company. Member of the Adidas Supervisory Board since 2016, Sawiris has a significant six percent stake in this iconic company.

The market value of that stake has been the main driver of the recent rise in his wealth, pushing his total fortune to $7.32 billion as of Nov. 10, compared to $6.95 billion as of Nov. 29 October This represents an impressive daily average increase of $30.83 million over this period.

The exceptional advance of Nassef Sawiris can be largely attributed to the rise in Adidas shares, which are up 4.53% since October 29th. The share price has fallen from €166.44 ($177.58) to €173.98 ($185.62) at the time of writing. These market movements generated substantial gains for Sawiris, cementing his position as the richest man in Egypt and North Africa.

This recent unexpected increase has boosted Nassef Sawiris from 322nd to 315th on the Estimated 500 Billionaires list the world’s richest, according to the Bloomberg Billionaires Index at the time of writing. Its prominent position within this list highlights not only its economic influence but also the significant impact of its strategic investments.