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Egyptian billionaire Yasseen Mansour has increased his direct stake in Palm Hills Developments SAE, the property company he chairs, and his son Ismail has appeared in the developer's latest shareholder disclosure with 3 million shares.
Mansour held 404.08 million Palm Hills shares, or 14.11% of the company, at the end of September, according to a shareholder structure report the company filed with the Egyptian Exchange on Oct. 13. That compares with 400.5 million shares, or 14%, in the previous report, an increase of about 3.57 million shares. The filing does not say when or how the additional shares were acquired.
At Palm Hills' closing price of 12.75 Egyptian pounds on Oct. 15, Mansour's direct stake is worth about 5.15 billion pounds, or $97 million. Ismail Yasseen Mansour's 3 million shares, about 0.1% of the company, are worth about 38 million pounds ($720,000).
A tighter grip on Palm Hills
The changes add to the Mansour family's control of one of Egypt's biggest homebuilders. Mansour and Maghraby Investment and Development, the family's investment company, and its related parties held about 1.53 billion shares, or 53.5% of Palm Hills, at the end of September, up from 1.525 billion shares, or 53.3%, in the previous report. That combined holding is worth about 19.5 billion pounds ($368 million) at current prices.
Mansour and Maghraby on its own owns about 1.105 billion shares, or 38.65%, a fraction above the 38.64% in the previous report.
Arab African International Bank kept its 13.35% stake, while investor Wael Tarek Mohamed Ismail and related parties raised their combined holding to 6.31% from 5.96%.
Record backlog, thinner margins
The larger stake comes as Palm Hills, where Mansour is chairman and group chief executive, sells more homes but earns less on each one. Revenue rose 25.4% to 19.53 billion pounds ($368 million) in the first half of 2026, while net profit fell 7% to 2.26 billion pounds as the gross margin narrowed. Palm Hills reported a record backlog of 284 billion pounds of sales still to be recognized as revenue, up 40% from a year earlier.
The company booked about 75 billion pounds of sales in the first two weeks after launching Hacienda Ras El Hekma, a resort project on the Mediterranean coast, in August. Those sales will appear in its third-quarter figures.
Palm Hills builds gated residential communities, offices and resorts, mainly in West and East Cairo and on Egypt's North Coast.
The Mansour fortune
Yasseen Mansour has a net worth of $1.4 billion, according to Forbes. Most of his wealth comes from his share of the Mansour Group, the family conglomerate founded by his father, Loutfy Mansour, in 1952. The group is the exclusive distributor of General Motors vehicles and Caterpillar equipment in Egypt and several other countries. His brothers, Mohamed and Youssef Mansour, are also billionaires with stakes in the group.
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