Egyptian billionaire Yasseen Mansour’s Palm Hills approves $212.3-million loan for Badya project
Badya, Palm Hills Developments' flagship smart city, leads the way in innovative property development in the MENA region.
Badya, Palm Hills Developments' flagship smart city, leads the way in innovative property development in the MENA region.
Egyptian billionaire Yasseen Mansour increases stake in Taaleem Management Services with $10.4 million share purchase.
Palm Hills Developments reports robust H1 2024 performance, surpasses revenue expectations.
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.
This significant increase reinforces Mansour’s position as one of Egypt’s and Africa’s billionaires, solidifying his position among the continent’s financial elites.
Mansour highlighted the company’s record-breaking new sales of EGP59.5 billion ($1.92 billion), indicating a growth of 129 percent year-on-year.
Mansour owns a sizable 5.6-percent stake in the Cairo-based real estate firm, which translates to 202,291,698 ordinary shares.
Mansour owns a sizable 5.6-percent stake in the Cairo-based real estate firm.
The $200-million surge in Mansour’s fortune in 2023 is largely linked to his investment in the family-owned conglomerate Mansour Group.