Table of Contents
Key Points
- Egyptian billionaire Yasseen Mansour's stake in Palm Hills has surged $3.4 million over nine days, boosting his stake to over $35 million.
- Palm Hills’ shares have risen 10.12% since Oct. 20, boosting the company’s market cap above $340 million.
- Palm Hills shares have gained 112.78% in 2024 in local currency, yet foreign investors see tempered 35.2% returns amid currency depreciation.
Egyptian billionaire Yasseen Mansour has strengthened his position among the wealthiest investors on the Egyptian Exchange (EGX) as the value of his stake in Palm Hills Developments, a leading real estate company, surpassed $35 million.
Mansour, who serves as chairman of Palm Hills Developments, holds a 10.83 percent stake in the company, representing 318,574,726 shares.
The recent growth in Palm Hills’ share price has increased the market value of his stake by 10.12 percent over the past nine days, adding EGP165.66 million ($3.4 million) to his fortune.
This surge follows a previous gain of $6.06 million recorded between Aug. 5 and 21, further solidifying Mansour’s status in Egypt’s real estate boom.
Palm Hills' growth powers investor returns
Palm Hills, a key subsidiary of Mansour Group, focuses on developing integrated residential, commercial, and resort communities throughout Egypt. As demand for real estate remains high, the company has seen a steady rise in its share price.
Since Oct. 20, Palm Hills shares have jumped from EGP5.14 ($0.11) to EGP5.66 ($0.12), pushing the company’s market value beyond $340 million.
Mansour’s holdings have followed suit, climbing from EGP1.64 billion ($33.6 million) to EGP1.8 billion ($37 million), rewarding shareholders with significant returns.
The billionaire remains one of the top beneficiaries of Egypt’s thriving property market, underscoring the momentum behind the company’s growth.
Currency volatility moderates foreign investors' return
Palm Hills has been one of the standout performers on the EGX in 2024, with its shares recording a 112.78 percent year-to-date increase in local currency terms.
However, with the depreciation of the Egyptian pound, returns for foreign investors have been more modest, translating to a 35.2 percent gain in dollar terms.
A $100,000 investment in Palm Hills at the start of the year would now be worth $135,200, reflecting the company’s resilience amid fluctuating currency rates and strong domestic demand for real estate.
Mansour’s growing stake in Palm Hills highlights the bullish outlook for the Egyptian property sector and cements his position as a key player on the EGX.
