Egyptian-Saudi businessman Ali Hassan Ali Dayekh suffers $15 million loss in 100 days

Egyptian-Saudi businessman Ali Hassan Ali Dayekh, Chief Executive Officer at Saudi Group for Construction Materials and a significant shareholder of Credit Agricole Egypt, is facing fresh financial setbacks stemming from a $15 million plunge in his holding over the past 100 days.

According to data tracked by Shore Africa the market value of Ali Hassan Ali Dayekh’s indirect stake in Credit Agricole has declined by EGP565.05 million ($15.28 million) over the past 100 days, amid sustained selling pressures in the shares of the leading group on the Egyptian Exchange.

Credit Agricole Egypt’s shares slump by 15.9%

Credit Agricole Egypt SAE is an Egyptian bank engaged in corporate, retail and investment banking services in Egypt and other countries throughout the Middle East and North Africa. The bank has a network of 73 branches and maintains active banking operations as a subsidiary of the French international banking group Credit Agricole Group. It operates under the leadership of Jean-Pierre Trinelle, a leading business executive who became CEO of the bank in 2021.

Ali Hassan Ali Dayekh, the founder of RolaCo IGB for Investment, currently holds a significant indirect stake of 9.98% in Credit Agricole Egypt, representing 124,734,505 ordinary shares.

Credit Agricole Egypt’s share price on the Egyptian Exchange has fallen 15.9% in local currency terms and 20.51% in dollar terms since April 19, dropping from EGP28.49 ($0.56) to EGP23.96 ($0.47). This decline has pushed the company’s market capitalization from EGP35.61 billion ($704.53 million) to EGP30.06 billion ($594.97 million), resulting in losses for stakeholders, including Ali Dayekh.

Ali Dayekh’s stake slumps as shares plunge

Amid the decline in Credit Agricole Egypt’s share price, the market value of Ali Dayekh’s indirect stake has plunged by EGP565.05 million ($15.28 million) over the past 100 days, dropping from EGP3.55 billion ($74.51 million) on April 19 to EGP2.99 billion ($59.23 million) as of the reporting time.

Despite facing setbacks and financial hurdles, Ali Dayekh continues to rank among the affluent investors on the Egyptian Exchange and is also recognized as one of the wealthiest individuals in North Africa. His influence on the Egyptian Exchange also includes his 10% stake worth EGP4.36 billion ($86.4 million) in Housing and Development Bank, ranking among the largest shareholders in Housing and Development Bank for many years, underscoring his resilience in navigating the complexities of emerging markets.