Egyptian billionaire Yasseen Mansour has recorded a more than $5 million boost in his net worth in the past 17 days in 2024, thanks to a surge in the shares of Palm Hills Development on the Egyptian stock exchange.
According to data tracked by Billionaires.Africa, Mansour’s stake in Palm Hills has increased by EGP 159.81 million ($5.17 million) since Jan. 1 as investors on the local bourse continue to increase their stakes in the Cairo-based real estate firm.
Mansour’s wealth surges as Palm Hills records 29.7-percent stock price increase
Palm Hills Development, an operating subsidiary of Egypt’s largest conglomerate, Mansour Group, is a well-known real estate developer with active investments in Egypt. The company develops integrated residential, commercial, and resort communities.
Mansour, the chairman of Palm Hills Development and one of Egypt’s and Africa’s wealthiest individuals owns a sizable 5.6-percent stake in the Cairo-based real estate firm, which translates to 202,291,698 ordinary shares.
Since the start of the year, the company shares have surged by 29.70 percent, rising from EGP2.66 ($0.0861) on Jan. 1 to EGP 3.45 ($0.1117) at the time of drafting, thus leading to gains amounting to millions of dollars for its shareholders, including Mansour.
Egyptian billionaire’s portfolio rockets $5.17 million in 17-day wealth surge
As a result of the double-digit percent increase in the group’s share price, the market value of the stake held by the Egyptian billionaire has skyrocketed by EGP 159.81 million ($5.17 million) since the start of the year 2024, rising from EGP538.1 billion ($17.42 million) on Jan. 1 to EGP 697.91 billion ($22.59 million) at the time of writing.
The substantial increase in his wealth in the past 17 days of 2024 has solidified his position as not only one of the richest investors on the Egyptian stock exchange but also as one of the country’s richest businessmen with a current worth of $1.2 billion, according to Forbes.