Egyptian billionaire Yasseen Mansour gains $2.2 million from real estate firm

Omokolade Ajayi -

After a rocky start to the year, Egyptian billionaire businessman Yasseen Mansour is back on top, counting millions of dollars in gains from his stake in Cairo-based real estate firm Palm Hills Developments.

Mansour, one of Egypt’s wealthiest businessmen, has seen the market value of his stake in Palm Hills rise by EGP70.11 million ($2.27 million) in the past 55 days, according to data tracked by Billionaires.Africa.

Palm Hills, one of Egypt’s most prominent real estate developers, operates as a reputable developer with a strong portfolio of active investments.

As a subsidiary of the renowned Mansour Group, one of Egypt’s largest conglomerates, the company specializes in developing residential, commercial, and resort communities.

Under the leadership of Mansour, who now owns 6.87 percent of the real estate developer, up from a significant 5.22-percent stake, Palm Hills delivered an impressive financial performance at the end of its 2022 fiscal year, as its profits exceeded $40 million, consolidating its position in the real estate and property development markets.

Thanks to increased buying interest among investors on the Egyptian Exchange, Palm Hills shares have increased by 20.86 percent in the last 55 days. As a result, the company’s share price on the local bourse has surged from EGP1.63 ($0.053) to EGP1.97 ($0.064).

The rise in share price has returned millions of dollars in gains to its shareholders, which include Mansour and his brothers Mohamed and Youssef Mansour, who are also billionaires.

As a result of the recent bump in the company’s shares, Mansour’s stake in the group has increased by EGP70.11 million ($2.27 million) in the past 55 days, from EGP336.12 million ($10.8 million) on March 19 to EGP406.23 million ($13.15 million) on May 13.

Mansour is worth $1.3 billion, according to Forbes, making him one of Africa’s richest men.

The $2.27-million bump in his stake in Palm Hills cements his position as one of the most affluent investors on the Egyptian Exchange.