Egyptian billionaire Yasseen Mansour has seen a significant increase in his fortune in the past 10 days, due to the sustained surge in the shares of Palm Hills Development on the Egyptian Exchange.
According to data tracked by Billionaires.Africa, Mansour’s stake in Palm Hills has risen by EGP 86.98 million ($2.81 million) since Jan. 31 as local investors continue to bolster their positions in the Cairo-based real estate firm.
Palm Hills shares surge by 13.7 percent, market cap surpasses $330 million
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.
Over the past 10 days, the company shares have soared by 13.74 percent, increasing from EGP3.13 ($0.101) on Jan. 31 to EGP3.56 ($0.115), at the time of drafting, thus pushing its market capitalization above $335 million and returning gains amounting to millions of dollars for its shareholders, including Mansour.
Mansour’s fortune exceeds $20 million amid ongoing surge in Palm Hills shares
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.
With the double-digit percent increase in the group’s share price, the market value of the stake owned by the Egyptian billionaire has surged by EGP 86.98 million ($2.81 million) since Jan. 31, surging from EGP633.17 million ($20.50 million) on Jan. 31 to EGP 720.16 billion ($23.30 million) at the time of writing.
This notable increase reinforces Mansour’s status as one of Egypt’s wealthiest investors and underscores his prominence as one of the nation’s richest business figures, with Forbes estimating his current worth at $1.2 billion.
