Egyptian businessman Naguib Sawiris nears $10 billion fortune

Just weeks after overtaking his younger brother to claim the top spot as Egypt’s richest man on the Bloomberg Billionaires Index, businessman and philanthropist Naguib Sawiris is edging closer to becoming the country’s first billionaire with a fortune above $10 billion. His wealth is now estimated at $9.77 billion, placing him 359th globally on the index.

Sawiris first pulled ahead on Aug. 22, when his net worth climbed to $9.13 billion, about $100 million more than Nassef Sawiris, whose wealth stood at $9.03 billion. Since then, Naguib has added another $640 million, maintaining the lead. Nassef, who boasts a net worth of $9.71 billion, now sits in 361st place, two spots behind his elder brother.

Gold rally lifts Naguib Sawiris’ fortune

The increase in Naguib’s fortune is tied partly to gold. Through his investment firm La Mancha Resources, along with stakes in Endeavour Mining and Evolution Mining, he has reaped big gains from gold’s rally. Prices of the precious metal have soared more than 40 percent this year as investors flock to safe havens amid geopolitical tensions and global trade strains.

The gains in his mining stakes have been striking. Sawiris’s investment in Endeavour Mining, listed in London, has more than doubled from $500 million to $1.32 billion. His shares in Australia’s Evolution Mining have also jumped, rising from $150 million to $375 million. On the Cairo exchange, his positions in Orascom Construction and Orascom Investment Holding have appreciated as well, climbing from $34.4 million to $55.3 million and from $20.6 million to $47.9 million respectively.

$16 billion bet on real estate

Beyond mining, Sawiris has been expanding his reach in real estate across the Middle East and North Africa. Through ORA Developers, he is pushing ahead with two multibillion-dollar projects in the United Arab Emirates and Iraq. The company recently unveiled Bayn, a new coastal community in Ghantoot between Abu Dhabi and Dubai, and Madinat Al Ward, a massive residential development near Baghdad.

The first phases of the projects carry a combined investment of more than $16 billion. Bayn will stretch across 4.8 million square meters, more than half of which is reserved for open space, waterways, and recreation. Plans include a 1.2-kilometer beachfront, a marina, a lagoon, and a 100,000-square-meter sports club.

Madinat Al Ward is designed as a self-contained city. The development will span 62 million square meters and deliver 120,000 homes over 24 years, with the initial stage valued at $10 billion. A central feature of the project is a five-million-square-meter public park, intended to anchor what could become one of Iraq’s most ambitious urban centers.