Yasseen Mansour, the renowned Egyptian billionaire and chairman of Palm Hills Development, has experienced a significant surge in his wealth over the past three weeks, driven by the resurgence of shares in Palm Hills Development on the Egyptian Exchange.
According to data tracked by Billionaires.Africa, Mansour, a prominent figure in Egypt’s business sphere, has witnessed a notable increase of EGP86.98 million ($1.83 million) in the market value of his stake in Palm Hills Development during the last 21 days.
The recent surge in Mansour’s wealth stands in stark contrast to the preceding period between March 6 and 15, where he encountered a substantial loss of $12.3 million. During this timeframe, the market value of his stake in Palm Hills plummeted from $28.15 million to $15.83 million.
Palm Hills share price soars
Palm Hills Development, a subsidiary of the Mansour Group, is a prominent Egyptian developer known for its integrated residential, commercial, and resort projects. Mansour holds a significant 6.87-percent stake in Palm Hills, which amounts to approximately 202 million ordinary shares.
The recent surge in Palm Hills’ share price on the Egyptian Exchange reflects a noteworthy 13.44-percent increase over the 21 days, rising from EGP3.20 ($0.067) on Mar. 20 to EGP3.63 ($0.076), propelling its market capitalization above $220 million.
Mansour’s Palm Hills stake soars
With the recent upswing in Palm Hills’ share price, the market value of Mansour’s stake in the company has surged by EGP86.98 million ($1.83 million) in the past 21 days, escalating from EGP647.33 million ($13.61 million) on Mar. 20 to EGP734.32 million ($15.44 million) at the time of drafting this report.
This significant increase reinforces Yasseen Mansour’s position as one of Egypt’s and Africa’s billionaires, solidifying his position among the continent’s financial elites. The resurgence in Palm Hills Development’s shares underscores Mansour’s continued influence in Egypt’s business landscape and the resilience of his investments amidst market fluctuations.