Table of Contents
Key Points
- Yasseen Mansour loses $6.02 million as Palm Hills shares drop nearly 11% in nine days on the Egyptian Exchange.
- Palm Hills stock slips to EGP7.75, wiping out May’s gains as construction costs and currency instability hit investor sentiment.
- Despite volatility, Palm Hills is up 18.5% YTD, signaling long-term investor confidence amid Egypt’s challenging real estate environment.
Egyptian billionaire and real estate magnate Yasseen Mansour, chairman of Palm Hills Developments, has seen a sharp $6.02 million decline in the market value of his stake in the company. This follows a steep downturn in Palm Hills’ share price on the Egyptian Exchange (EGX), underscoring the mounting pressure on Egypt’s real estate sector.
Mansour, with a 10.83 percent equity stake, translating to 318.57 million shares in the Cairo-based real estate firm, has watched the value of his holdings shrink from EGP2.82 billion ($55.62 million) to EGP2.51 billion ($49.60 million) over the past nine trading sessions.
The drop, which reflects a 10.82% slump in Palm Hills’ share price, reverses all gains recorded between May 19 and May 26, when Mansour’s stake jumped by $4.16 million, climbing from $43.15 million to $47.31 million amid a brief rally in the company’s stock.
Palm Hills stock slides nearly 11% on EGX
Palm Hills, a flagship subsidiary of the Mansour Group, Egypt’s largest conglomerate, is known for its portfolio of residential, commercial, and resort developments. But like many Egyptian developers, it faces mounting headwinds including rising construction costs, currency volatility, and economic uncertainty.
However, investor concerns about rising construction costs, economic instability, and currency depreciation have triggered volatility across Egypt’s real estate market. Palm Hills’ stock, which traded at EGP8.69 ($0.17) on June 11, fell to EGP7.75 ($0.15) by June 20, dragging the company’s market capitalization below $440 million.
Year-to-date returns remain positive despite market volatility
Even with the recent dip, Palm Hills stock remains 18.5 percent higher since the beginning of the year, beating out many of its peers in Egypt’s listed real estate market. For investors, that means a $100,000 stake in January would now be worth around $118,500, an encouraging return that signals ongoing confidence in the company’s foundation and future.
As Egypt’s property market continues to shift, attention is firmly on how Palm Hills and its chairman, Yasseen Mansour, respond to the pressure. The road ahead won’t be without bumps, but investors and analysts alike will be watching closely to see how the firm keeps its footing—and its growth—steady.
