Egyptian billionaire Yasseen Mansour’s fortune has increased significantly over the last ten days as a result of the persistent rise in Palm Hills Development’s shares on the Egyptian Exchange.
Mansour’s share in Palm Hills has increased by EGP 86.98 million ($2.81 million) since Jan. 31, as local investors strengthen their positions in the Cairo-based real estate company.
Palm Hills Development, an operating company of Egypt’s largest conglomerate, the Mansour Group, is a well-known real estate developer with active operations across Egypt. The company creates integrated residential, commercial, and resort developments.
Over the last ten days, the company’s shares have risen 13.74 percent, from EGP3.13 ($0.101) on Jan. 31 to EGP3.56 ($0.115) at the time of writing, bringing its market capitalization above $335 million and returning millions of dollars to its shareholders, including Mansour.
Mansour, the chairman of Palm Hills Development and one of Egypt’s wealthiest individuals, owns a significant 5.6% stake in the Cairo-based real estate corporation, equivalent to 202,291,698 ordinary shares.
With the double-digit percent increase in the group’s share price, the market value of the Egyptian billionaire’s stake has increased by EGP 86.98 million ($2.81 million) since Jan. 31, rising from EGP633.17 million ($20.50 million) on Jan. 31 to EGP 720.16 billion ($23.30 million) at the time of writing.
Mansour’s current net worth is estimated by Forbes to be $1.2 billion, making him one of Egypt’s wealthiest investors and business leaders.