Faith Nyasuguta
Egypt’s gold story delivered a standout performance in the last fiscal year, helping propel the country’s international reserves to their highest level on record. Riding a global surge in gold prices and a deliberate accumulation strategy by the Central Bank of Egypt (CBE), gold emerged as a key pillar of financial stability for one of Africa’s most populous nations.
According to central bank data, the value of Egypt’s gold reserves jumped by an impressive 71 percent year on year in 2025, reaching $18.166 billion by the end of December. This sharp rise mirrored broader global trends, as gold prices climbed steadily amid inflation concerns, geopolitical tensions and market uncertainty. For Egypt, however, the gains were not merely a reflection of higher prices, but also the result of a strategic decision to strengthen its reserve position through precious metals.
Gold played a critical role in shielding Egypt’s external finances from volatility. While liquid foreign currency balances can fluctuate sharply during periods of global stress, gold acted as a buffer, helping prevent a decline in overall reserves. This cushioning effect proved especially valuable at a time when many emerging economies were grappling with tighter global financial conditions.
The Central Bank of Egypt’s proactive approach was a major driver of this milestone. Over the course of the year, the bank added around 79,600 ounces of gold to its holdings, steadily increasing its exposure to the metal. Combined with rising international prices, this accumulation strategy significantly boosted the market value of Egypt’s gold reserves.
By December, Egypt’s total international reserves had climbed to a historic high of $51.45 billion, the largest figure ever recorded by the country. December alone saw an increase of $1.236 billion, highlighting the momentum behind the reserves build-up. Gold accounted for the bulk of this monthly rise, contributing $914 million, while liquid foreign currency assets increased by $327 million to reach $33.23 billion.
The strong performance of gold did not only benefit state coffers. It also had ripple effects across the private sector, particularly for high-net-worth individuals with significant exposure to the precious metal. Among them was Egyptian billionaire Naguib Sawiris, whose fortune swelled alongside the rally in gold prices.
By October, Sawiris had become the richest individual in North Africa, according to reports at the time. His net worth rose from $8.69 billion at the start of the year to $9.88 billion by October, a jump largely attributed to gains in gold-related investments. Sawiris has long been a prominent player in the global mining space, and 2025 proved especially rewarding.
His investment firm, La Mancha, announced during the year that it had increased its stake in Greenheart Gold Inc. by two million shares, bringing its total holding to roughly five percent. By October, La Mancha’s investment portfolio was valued at about $2.44 billion, reflecting strong performance across its assets.
Sawiris also holds substantial stakes in major mining companies including Endeavour Mining and Evolution Mining. These firms reported solid output in the first three quarters of 2025, producing 751 kilograms of gold and 76 kilograms of copper, figures that fell within their guidance ranges. Financially, Evolution posted quarterly and annual cash flows of $308 million and $787 million respectively, while generating record operating mine cash flow of $697 million in the third quarter and $2.288 billion for the fiscal year leading into the final quarter of 2025.
Taken together, Egypt’s gold gains tell a broader story of how strategic reserve management and favorable global conditions combined to deliver a landmark year. With gold anchoring its reserves at unprecedented levels, Egypt has strengthened its financial resilience while benefiting from one of the strongest gold markets in recent history.
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