Egyptian billionaire Yasseen Mansour raises $2.8 million from real estate company

by MMC
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Egyptian billionaire Yasseen Mansour has seen his fortune increase significantly over the past 10 days, due to the sustained rise in Palm Hills Development shares on the Egyptian stock exchange.

According to data tracked by Billionaires.AfricaMansour’s stake in Palm Hills has increased by 86.98 million Egyptian pounds ($2.81 million) since January 31 as local investors continue to strengthen their positions in the Cairo-based real estate company.

Palm Hills shares jump 13.7 percent and market cap exceeds $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’s shares have climbed 13.74 percent, from 3.13 EGP ($0.101) on January 31 to 3.56 EGP ($0.115), at the time of writing, thus pushing its market capitalization above $335 million and bringing in gains amounting to millions of dollars for its shareholders, including Mansour.

Mansour’s fortune tops $20 million as Palm Hills shares continue to rise

Mansour, president of Palm Hills Development and one of the Egyptians and Africa’s richest individuals, holds a significant 5.6 percent stake in the Cairo-based real estate company, which translates to 202,291,698 ordinary shares.

With the double-digit rise in the group’s share price, the market value of the stake held by the Egyptian billionaire jumped by 86.98 million Egyptian pounds ($2.81 million) since January 31, passing of 633.17 million Egyptian pounds ($20.50 million) on January 31. January 31 at EGP720.16 billion ($23.30 million) at the time of writing.

This notable increase reinforces Mansour’s status as one of Egypt’s richest investors and highlights his importance as one of the country’s richest business figures, with Forbes estimating its current value at $1.2 billion.

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