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Yasseen Mansour's Palm Hills Developments has teamed up with UAE-based Miran Hills Real Estate to launch a city-scale luxury development across 5.65 million square meters on Egypt's North Coast.
Yasseen Mansour’s Palm Hills stake rises above $50 million as renewed demand on the EGX lifts the real estate developer’s share value.
Palm Hills Developments, led by Yasseen Mansour, saw sales jump 40% to $3.8 billion in nine months, marking another record for the Cairo developer.
Executive Chairman Yasseen Mansour attributed the impressive results to strong sales across various regions.
Under Yasseen Mansour’s leadership, Palm Hills reported a $51.1 million profit at the end of its 2023 fiscal year, reflecting a robust 25.9 percent year-over-year increase.
Despite the recent decline in the market value of his holding in Palm Hills, Mansour remains one of Egypt’s wealthiest men.
MMID divested 39.4 million shares of Palm Hills on April 7, 2024, for a total of EGP141.5 million ($2.98 million) at an average price of EGP3.59 ($0.0755) per share.
Despite this setback, Mansour remains a prominent figure in the African business scene. Forbes estimates his current net worth at $1.2 billion.
Under Mansour’s leadership, the firm delivered exceptional financial results at the end of the 2022 fiscal year.
Mansour’s 5.22-percent stake in Palm Hills Developments is now worth $10 million.
Mansour owns a sizable 5.22-percent stake in the real estate firm.
The projected investment for the coming financial year represents a 52-percent increase from last year.