Egypt's Sawiris Ranks 2nd Biggest Winner in Gold Hike

Four of the largest gold mining business owners have earned $ 1.8 billion this year from the rise of gold prices.

Bloomberg pointed out that the Egyptian billionaire Naguib Sawiris is the second-biggest winner from the rise of the yellow metal globally.

Backed by the Federal Reserve's easing policy, gold rose nearly 16 percent this year, preparing for its best year since 2010, the agency added.

Since the beginning of the year, the Fed has cut interest rates twice by about 0.5 percent.

Suleyman Kerimov is the biggest gainer of the global gold price hike. In 2015, the Kerimov family acquired 59% of Polyus Gold International Ltd. Now the family controls 78.6 percent of Russia's largest gold mine.

By the end of today's trading, gold futures for December fell about 0.8 percent at $ 1494 an ounce, down $12.4.

Earlier this month, the businessman and head of Orascom Investment Holding said he was waiting for the executive regulation of the new Mineral Resources Act before deciding to invest in Egypt's mining.

In the meantime, big investors observe warning signs ahead of the global economy, throwing big investments into the gold mining industry.

Sawiris has recently put half of his $5.7 billion net worth into gold.

He said earlier in the agency that he believes gold prices will rise further, reaching $1,800 per ounce from just above

$1,469.98 now, hinting at a possible crash in the overvalued stock markets.

Sawiris, whose family control the Orascom business empire, is the CEO of the gold mining group La Mancha.

La Mancha has investments in Toronto's Endeavor Mining, as well as Australia’s Evolution and Ghana's Golden Star.

"We’re looking to invest in the mining business in Egypt because we invest in it globally. They’re changing the mining law and we hope to invest here too," Sawiris concluded.