Egyptian Billionaire Mansour family’s Firm Sells $3M Share in Palm Hills

El Mansour & El Maghraby Investment and Development Company (MMID), a joint venture owned by Egypt’s billionaire Mansour family, has cut its stake in Palm Hills Development, a prominent property developer. MMID sold shares worth roughly $3 million on the Egyptian stock exchange, reducing its position to 39.85 percent from 41.9 percent.

Palm Hills, a division of the Mansour Group founded by Yasseen Mansour and his siblings, is still majority-owned by the family’s private investment firm, MMID. The company’s assets span several industries, including banking, real estate, consumer products, media advertising, and logistics.

On April 7, 2024, MMID sold 39.4 million shares in Palm Hills for a total of EGP141.5 million ($2.98 million) at an average price of EGP3.59 ($0.0755) each. Commercial International Brokerage Company arranged the deal.

Palm Hills Developments, led by Yasseen Mansour, one of Egypt’s wealthiest individuals, completed a successful fiscal year 2023. Despite worldwide economic concerns, the company reported a profit of $51.1 million, a 25.9 percent rise from the previous year. This upswing coincides with Egypt’s expanding urbanization.

The profit explosion is being driven by a significant increase in the company’s net operating revenues.These revenues increased from EGP13.6 billion ($440.15 million) in 2022 to EGP17.46 billion ($565.13 million) in 2023.

Palm Hills Developments, the second-largest real estate company on the Egyptian Exchange, is well-known for its skill in integrated developments.The company develops residential, commercial, and resort complexes, establishing itself as a leading developer with a broad portfolio throughout Egypt.

The Al-Mansour and Maghraby Investment and Development Group, chaired by Mansour, continues to possess a large chunk of Palm Hills. He also owns a direct 7.29% ownership in the real estate developer.

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