Naguib’s $3 billion surge makes him North Africa’s richest man after overtaking his brother

Sawiris, who was not included among the five wealthiest Africans on Bloomberg’s billionaire index at the beginning of the year, is now ranked as the fourth richest person in Africa, surpassing his brother, who held the fifth position in January with a net worth of $8.69 billion.

Naguib Sawiris currently has a net worth of $9.88 billion, drawing him closer to the elusive $10 billion, a milestone no one from his country has hit.

According to Bloomberg’s index, Naguib Sawiris has a Year-to-Date change of $3 billion, indicating that he had around $6.8 billion at the start of the year.

His last change in valuation stands at +222 million, which denotes productive performances in his enterprises.

Naguib Sawiris is one of the billionaires profiting from the surge in gold that has been prevalent in the last few months.

Wednesday marked the first time that gold prices broke $4,200 an ounce, sustaining a record run as investors flocked to the safe-haven metal due to geopolitical concerns and mounting interest rate cut predictions.

Naguib’s investment firm, La Mancha, recently announced that it increased its holding in Greenheart Gold Inc. by 2 million shares, bringing the Fund’s total holding to approximately 5%.

As of October, the firm boasted an investment portfolio worth $ 2.44 billion.

He also has significant stakes in Endeavour Mining and Evolution Mining, which reported production of 751 kilograms of gold and 76 kilograms of copper during the course of the year, falling within the guidance range.

The company’s quarterly and yearly cash flow records were $308 million and $787 million, respectively, according to Evolution. At $697 million for the quarter and $2,288 million for the year, it generated record operating mine cash flow, as seen in Capital Brief.

The Sawiris family reportedly owns an 18.4% stake in Endeavour Mining and Evolution Mining.

He is also a major player in the real estate game, as his real estate company, Ora Developers, in May, officially launched its flagship project in the United Arab Emirates, Bayn, a beachfront development with an estimated USD 10 billion development cost.

In September, the eldest of the three sons of the late Onsi Sawiris, who is now 71, disclosed plans to invest up to $50 billion in America’s infrastructure projects.

As part of his aggressive push into the U.S. market, the Egyptian billionaire is consolidating his publicly held holding firms in Abu Dhabi, he revealed in an interview with the Financial Times.

The breakup of Nassef Sawiris’ Dutch-listed fertilizer and chemicals company, OCI Global, is almost complete.

Over the past two years, the company has sold off assets worth more than $11.6 billion.

Touted in February of last year, two months after $7 billion in asset sales, the plan was expected to involve further divestitures and the division of his main business.