Sawiris admits €500 million loss made in a fit of anger

Egyptian businessman Naguib Sawiris has revealed that he lost around €500 million after making an investment decision in a moment of anger.

Speaking on the programme Billion Journey on Egypt’s Al-Nahar TV, Sawiris said he increased his stake in a company in which he already owned 10 per cent. He decided to buy an additional 10 per cent without sufficient study after becoming upset with someone involved. The move coincided with a global market downturn, and he said he lost the entire amount.

Reflecting on the experience, Sawiris said it taught him a harsh lesson: no financial decisions should be made while angry. He added that he had also faced other losses during his career due to overconfidence, stressing that calm judgement and careful calculations are essential for success in investment.

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Despite these setbacks, Sawiris said money had never been his primary goal. He noted that he was raised in a family that valued moderation and contentment, which he said has kept him close to ordinary people.

He also recounted an incident in which he gave a taxi driver a large sum of money after reaching his destination. The driver reportedly said, “This is too much,” to which Sawiris replied: “Keep it for the future.”

Sawiris disclosed that about 70 per cent of his wealth is invested in gold, with the remainder spread across various ventures. He added that he earned his first billion after founding Orascom.

He said he measures success by the value of the companies he owns rather than his ranking among the wealthy, adding that he has never regretted a decision or a deal that did not go through.

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