Key Points
- Several Egyptian companies led by influential business figures have achieved significant share price surges despite geopolitical and inflationary challenges in 2024.
- Despite Egypt’s GDP growth slowing to 2.4% in FY 2023/24, companies have driven strong returns through operational efficiency and global expansion.
- Economic recovery is underway, with Egypt’s GDP projected to grow 4% by June 2025, fueled by fiscal reforms and international investment deals.
Amid a challenging economic landscape marked by geopolitical tensions and inflationary pressures, several Egyptian companies have defied the odds, achieving robust financial results and witnessing remarkable share price surges. Led by influential business leaders like Yasseen Mansour, Sadek and Ahmed El-Sewedy, Hisham Talaat Moustafa, and Medhat Khalil, these companies have not only weathered the storm but emerged stronger.
Many firms linked to these leaders have seen their share values rise by over 90 percent in 2024, outperforming the broader economic slowdown. Despite Egypt’s gross domestic product (GDP) growth slowing to 2.4 percent in the 2023/24 fiscal year—down from 3.8 percent the previous year—these companies have leveraged operational efficiencies and strategic international expansions to deliver substantial shareholder returns.
The Egyptian economy has faced significant hurdles, including a currency crisis and diminished revenues from the Suez Canal amid the ongoing conflict in Gaza. Tourism, another vital sector, also suffered setbacks. A $24-billion deal with the UAE’s sovereign fund ADQ in February to develop real estate along the Mediterranean coast marked a turning point. This was followed by an $8 billion International Monetary Fund (IMF) reform package in March, laying the groundwork for economic recovery.
Projections for Egypt’s GDP growth now stand at 4 percent by the end of June 2025, as fiscal austerity measures and structural reforms take hold. Notably, several Egyptian companies have capitalized on opportunities outside their home market, particularly in the Middle East, to sustain growth and shield themselves from local economic volatility.
Research by Billionaires.Africa highlights the extraordinary performance of companies linked to prominent Egyptian business leaders. Their strategic leadership and global operations have driven a surge in valuations on the Egyptian Exchange (EGX), translating to substantial gains for investors. Here are standout companies, based on EGX and TradingView data:
- Elsewedy Electric
- Year-to-date stock gains (local currency): 181.97%
- Value if $100,000 was invested on Jan. 1: $171,880
Founded in 1938 by the El-Sewedy family, Elsewedy Electric is a dominant force in the MENA region’s electrical industry. The company specializes in cables, transformers, energy meters, and wind energy solutions, playing a pivotal role in enhancing regional energy infrastructure. In 2024, Elsewedy’s stock surged from EGP29 on January 1 to EGP81.77, representing a 181.97 percent gain in local currency terms. Adjusted for the devaluation of the Egyptian pound, the U.S. dollar-denominated gain stands at 71.88 percent, with the share price climbing from $0.94 to $1.61. Visionary leaders like Sadek, Ahmed, and Mohammed El-Sewedy have seen their stakes in the company soar, reinforcing their positions as key players in Egypt’s business landscape.
- Palm Hills Developments
- Year-to-date stock gains (local currency): 135.34%
- Value if $100,000 was invested on Jan. 1: $143,460
As a unit of the Mansour Group, Palm Hills Developments is a leader in residential, commercial, and resort projects. The company achieved a 59.3 percent surge in revenues in the first nine months of 2024, reaching EGP17.96 billion ($363.42 million), driven by robust sales and high-demand projects. This performance translated into a 135.3 percent rise in its stock price on the EGX, from EGP2.66 on January 1 to EGP6.26. Adjusted for currency devaluation, the gain in U.S. dollar terms stands at 43.46 percent. Billionaire Yasseen Mansour, who holds a 10.83 percent stake in Palm Hills, has significantly benefited, solidifying his influence in Egypt’s real estate sector.
- Talaat Moustafa Group Holdings (TMG)
- Year-to-date stock gains (local currency): 134.99%
- Value if $100,000 was invested on Jan. 1: $143,250
Founded in 1974 by Hisham Talaat Moustafa, TMG has grown into Egypt’s largest real estate holding company. Under Moustafa’s leadership, the company has become one of the most valuable stocks on the EGX. In 2024, its stock rose from EGP24.15 on January 1 to EGP56.75, reflecting a 134.99 percent gain in local currency terms. After accounting for the pound’s devaluation, the gain in U.S. dollar terms is 43.25 percent. Hisham Talaat Moustafa’s stake of 890.57 million shares has seen significant appreciation, underscoring his role as a cornerstone of Egypt’s real estate sector.
- Raya Holding
- Year-to-date stock gains (local currency): 109.3%
- Value if $100,000 was invested on Jan. 1: $126,290
Raya Holding, established in 1999 through a merger involving the Khalil family and Orascom Group, has remained a key player in Egypt’s investment landscape. A $40 million investment in its subsidiary, Raya Foods, by Helios Investment Partners has fueled expansion. Raya’s stock has risen from EGP1.395 on January 1 to EGP2.89, reflecting a 109.3 percent gain in local currency terms. However, in U.S. dollar terms, the gain stands at 26.29 percent, with the share price climbing from $0.045 to $0.057. Medhat Khalil, who holds a 17.67 percent stake, has seen his fortune grow alongside Raya’s impressive stock performance.
- GB Corp
- Year-to-date stock gains (local currency): 99.37%
- Value if $100,000 was invested on Jan. 1: $121,530
Founded in 1985 by the late Raouf Ghabbour, GB Corp has grown from a local car dealership into a leading automotive powerhouse in the MENA region. Its stock price has climbed from EGP7.9 on January 1 to EGP15.75, representing a 99.37 percent increase in local currency terms. Adjusted for the pound’s depreciation, the gain in U.S. dollar terms stands at 21.53 percent, with the price rising from $0.255 to $0.299. The Ghabbour family’s stake has seen significant gains, further cementing their position among Egypt’s wealthiest families.
These companies illustrate the resilience and adaptability of Egyptian businesses, driven by strong leadership and strategic initiatives. Despite economic challenges, they have delivered outstanding returns to shareholders, reinforcing confidence in Egypt’s business landscape.
