- Yasseen Mansour was ranked the 17th richest African billionaire in 2019 with a net worth of $1.5 billion.
- In 2020, the famous entrepreneur was named the 12th richest man in Africa, having had an estimated fortune of $2.3 billion.
- Mansour made Forbes Africa’s Billionaire list in 2021, taking the 18th spot and his estimated net worth is $1.1 billion.
Coming from a renowned entrepreneurial family in Egypt, Yasseen Mansour is a savvy businessman whose net worth is estimated at $1.1 billion. He is the fourth son of the late business tycoon, Loutfy Mansour, who established Mansour Group, a multinational conglomerate that has total revenues of over $7 billion. Over the years, Yasseen and his elder brothers who are also billionaires have shared the leadership responsibility of the multiple companies in the conglomerate. Thus, Yasseen Mansour has led and managed companies in various sectors in the Mansour Group.
Since joining the group in the late ’80s, Yasseen has helped expand the family business with his uncanny business acumen. He established one of the largest real estate developing companies in Egypt, Palm Hills Developments. He also serves as the founder of Manfoods, the sole operator of the McDonald’s franchise in Egypt. Interestingly, Mansour has not only deployed his business acumen to his entrepreneurial endeavors but has channeled it in multiple philanthropic activities. He serves as the co-founder of Lead Foundation which has developed several small and medium enterprises in Egypt by funding them.
Yasseen Mansour Has Amassed a Net Worth of $1.1 Billion as a Co-owner of The Mansour Group
The Mansour Group, a family-owned conglomerate, was founded by Yasseen’s father in 1952. Since the passing away of his father in 1976, the billionaire entrepreneur and his brothers have grown the business into a multinational conglomerate that operates nine of the top Fortune 500 companies in Egypt. Today, the Mansour Group is ranked Egypt’s second-largest company by revenue.
With Yasseen Mansour, who has a Bachelor’s degree from George Washington University in Washington, D.C. being a shareholder in the billion-dollar corporation, it’s no surprise that his net worth is pegged at $1.1 billion, as of 2021. Thus, he is ranked by Forbes as the 18th richest billionaire in Africa. His total wealth had a sharp decline over the past year. In 2020, Yasseen Mansour made the Forbes list of Africa’s billionaires with a net worth of $2.3 billion, ranking 12th. This is a boast from his ranking (17th) in the 2019 list when his total fortune was estimated at $1.5 billion. Although his wealth slumped recently, there’s no denying the fact that the businessman will increase it in the coming years as he has several projects in the pipeline.
The Billionaire Entrepreneur Established Palm Hills Developments in 2005
One of the leading real estate developers in Egypt, Palm Hills Developments (PHD), was founded by Yasseen Mansour in the year 2005 under Mansour-Maghraby Investment and Development Company (MMIDC). As a joint-stock company that oversees integrated residential, commercial real estate, and resort projects, PHD is listed on two stock exchanges – the Egyptian Stock Exchange symbolized as “PHDC.CA” and London Stock Exchange under the symbol “PHDC.LI”. With the aim to develop well-integrated communities in Egypt, Palm Hills Developments has in possession land banks that spread over 42 million square meters. It is one of the largest land banks in the country.
Our Chairman Mr. Yasseen Mansour celebrated and awarded Egypt’s 2016 Olympics & Paralympics champions. #PalmHillsDevelopments pic.twitter.com/KDurtS3X2M
— Palm Hills (@PalmHillsDev) November 8, 2016
Also, the company has in its portfolio more than 20 projects in West Cairo, North Coast and Alexandria, East Cairo, and the Red Sea. Some of their developments include Palm Hills New Alamein in North Coast & Alexandria, Palm Hills Sokhna at Laguna Bay in the Red Sea, Golf Central in West Cairo, Palm Hills New Cairo in East Cairo, and Palm Parks in West Cairo. Currently, PHD has about 9 projects under development in North Coast & Alexandria, West Cairo, and East Cairo.
Summary of Palm Hills Developments’ Revenue, Gross Profit, Profit Before Tax, and Profit for The Year in 2018, 2019, and 2020
|Revenue||EGP5.2 million||EGP6.2 million||EGP7.4 million|
|Gross Profit||EGP2.0 million||EGP2.3 million||EGP2.5 million|
|Profit Before Tax||EGP793,000||EGP1 million||EGP1.1 million|
|Profit for The Year||EGP755,000||EGP906,000||EGP907,000|
Manfoods Has Opened Over 100 Outlets in Egypt Since It Was Founded
In addition to increasing his net worth with the income generated by Palm Hills Developments, Yasseen Mansour gathers revenue from the Mansour Group subsidiary, Manfoods. He established the company in 1994 as a sole franchisee of the world’s most famous fast-food chain – McDonald’s in Egypt, precisely in Merghany and Mohandessin. Manfoods, which is also known as McDonald’s Egypt, has over five thousand employees. It equally creates employment opportunities for over 11,000 families as more than 90 percent of the products used by Manfoods are sourced from Egyptian suppliers.
With the launching of a delivery service, McDelivery, McDonald’s Egypt has been able to increase its revenue significantly. It attends to more than 80,000 customers daily and also supplies products to other branches of the fast-food chain in Greece. The company has over 100 stores in Egypt.
Other Subsidiaries Under The Mansour Group That Also Enabled Yasseen Mansour Build His Net Worth
The late Loutfy Mansour started building the family business empire in the early 1950s. He graduated with a Bachelor of Arts degree from St. John’s University situated in Cambridge, Great Britain. He afterward, worked in Egypt’s Ministry of Agriculture that specialized in the export of Egyptian cotton. He then ventured into cotton trading after resigning from his role in government, setting up Loutfy Mansour and Sons in 1952. Although the then Egyptian president Gamel Nasser nationalized the cotton industry, confiscating the Mansour family’s cotton business and assets, Yasseen Mansour’s family regained their assets and full control of their cotton business in 1973 under the regime of President Sadat.
Soon after, the business started exporting cotton to China, United States, United Kingdom, and the Soviet Union. It subsequently emerged as the world’s second-largest cotton exporter. In 1975, Loutfy diversified the family business and ventured into the automotive before passing on in the next year. Since then, his sons have kept the business running for several decades. Today, the Mansour Group have developed a global presence and operates in a diverse range of industries, giving rise to several subsidiaries such as;
1. Al Mansour Automotive
With a vision to play a leadership role in the marketing and distribution of transportation products, the Mansour Group launched Al-Mansour Automotive in 1975 after acquiring a dealership right from General Motors. GM established its first factory in Egypt in 1984 and then moved on to manufacture the first GM car in the country in the following year. Presently, Al Mansour Automotive has recorded sales of more than 75,000 vehicles, emerging as one of the biggest GM dealers in the world.
In partnership with General Motors, the company manufactures pickups, cars, and trucks for the Egyptian market, as well as the Middle Eastern market. Also, the company has a presence in other countries such as Libya, Uganda, Ghana, and Iraq. It entered into a partnership with Hero Motocorp, the biggest motorcycle manufacturer in the world in 2019 and formed Mantra Motorbike. It manufactures motorcycles for the Ugandan market. Besides GM and Hero Motocorp, Al Mansour Automotive has dealerships with Chevrolet, Isuzu, Peugeot, and Opel.
2. Al Mansour Holding Company for Financial Investments
This subsidiary of the Mansour Group is the largest distribution group in Egypt. Al Mansour Holding Company for Financial Investments (MHCFI) was established in the year 1992 with the aim to provide solutions to the increasing demand from the Egyptians for high-quality and packaged consumer goods. Hence, it distributes a range of consumer goods to more than 120,000 outlets across Egypt and has over 8,000 employees. Currently, the company is renowned for its distribution of Imperial Brands, having previously been in a partnership with Philip Morris International (PMI), serving as the producer and distributor of the PMI’s brand in Egypt.
The company additionally has diverse own-label consumer goods. They include Labanita & Belhana dairy products, Hayat Natural drinking water, and Sunshine Tuna. More so, MHCFI has subunits which include the Al Mansour for Trading and Distribution Company. This unit works as the distributor of L’Oreal, Red Bull, and Ferrero Rocher products. In 1998, MHCFI branched out into the food retail sector and established Metro Markets, a high-end largest supermarket chain in Egypt with more than 100 stores. Later in 2006, the company launched a discount supermarket chain, Kheir Zaman, followed by Fresh Food Market.
In 2020, it exported to the international market range of 350 food items from the Metro Markets. MHCFI presently exports consumer goods to Canada, China, United States, Morrocco, Yemen, Sweden, Suadi Arabia, Nigeria, Madagascar, Germany, Haiti, Japan, Syria, and Kuwait among several others.
3. Mantrac Group
Decrease costs, secure equipment, improve efficiency and optimise operations for only $14.99 per month. Cat® Connect: Work Less. Do More. https://t.co/ntMuIIZJUZ #Catmachines #Builtforit pic.twitter.com/PGeGlC8yyj
— Mantrac Group (@Mantracgroup) June 5, 2018
One of the biggest Caterpillar dealers in the world, Mantrac Group, was established in 1977 and became the only authorized dealer of Caterpillar products in Egypt. It distributes and supplies machinery, material-handling equipment, and power systems in over 11 countries. The company acquired Unatrac in 1997, obtaining Unilever’s Caterpillar dealership in the West and East Africa. Since merging with Unatrac in the year 2000 to create Mantrac Group, the company has branched out into new regions and has a presence in the United Kingdom, UAE, Ghana, Nigeria, Sierra Leone, Russia, Uganda, Tanzania, Kenya, and Iraq.
4. Mansour-Maghraby Investment and Development Company
Yasseen Mansour serves as the chairman of Mansour-Maghraby Investment and Development Company (MMIDC). It was established in 1996 as a joint venture between the Mansour Group and El-Maghraby Group. The company, which focuses its operation in Egypt, makes investments in various sectors including financial services, real estate, information technology, and tourism. MMIDC aims at maximizing the equity of shareholders by investing in wider capital markets, achieving great financial returns.
The company has a stake in Crédit Agricole Egypt, a sub-unit of one the largest banks in the world, Crédit Agricole. Crédit Agricole Egypt was launched in 2006 and has emerged as an active player in the country’s financial industry.
5. Man Capital LLP
Man Capital LLP is Mansour Group’s private investment subsidiary. It was founded in the year 2010 with a focus on making investments in multiple ventures across the globe. The company is situated in the United Kingdom and Yasseen Mansour’s brother, Mohamed Mansour, serves as the chairman with his son Loutfy Mansour as the chief executive. It acquired Vanguard Logistics Services in 2012 and then invested in Inspired Education Group (formerly known as Educas) in the next year.
Later in 2014, Man Capital made an investment in IHS Towers, the largest telecommunications provider in Europe, Africa, and the Middle East. That same year, the company invested in Millenium Offshore Services. It co-founded a California-based venture capital fund, 1984 Ventures in 2017. Over the years, Man Capital has made investments in tech companies such as Twitter, Uber, Spotify, and Facebook.
ManSports was created in January 2021 following a partnership deal between Man Capital LLC and Tom Vernon’s Right to Dream Academy. The UK-based subsidiary of Mansour Group made an investment of €100 million for the football partnership which will lead to the establishment of Right to Dream Academy in Egypt, as well as the launching of a professional women’s football team in the country. Through the partnership, ManSports will be supporting the activities of Right to Dream Academy in Ghana, Denmark, and FC Nordsjælland club.
All The Organizations Yasseen Mansour Has Founded and Served/Serves as Chairman or Board Member
- Mansour Group (Board member)
- Palm Hills Developments (Founder, chairman of board of directors, and former chief executive officer)
- Manfoods (Founder)
- Mantrac Group (Chairman)
- Mansour-Maghraby Investment and Development (MMID) (Chairman, former president, and chief executive officer)
- Crédit Agricole Egypt (Former chairman)
- Lead Foundation (Co-founder)
- Future Foundation (Secretary General)
- Commercial International Life Insurance Company (Member of the board of directors)
- National Cancer Institute (Board member)
Who is Worth More Amongst The Billionaire Mansour Brothers?
For several years now, Yasseen Mansour and his brothers (Youssef and Mohamed) have been making the Forbes list of Africa’s billionaires as they have gained billions of dollars in net worth. In the 2021 list of the richest people in Africa, Mohamed Mansour was ranked the 11th richest African billionaire and has a net worth of $2.5 billion. The eldest of the three, Youssef Mansour, occupied the 14th spot on the list with a net worth of $1.5 billion while Yasseen Mansour’s net worth of $1.1 billion landed him the 18th position on the list.
The three brothers are part owners, shareholders, and board members of the Mansour Group. They occupy leadership positions in the multinational conglomerate. While Mohammed Mansour serves as the chairman of the Mansour Group, Youssef is the chairman of Mansour Holding Company for Financial Investments, and Yasseen Mansour serves as the chairman of Palm Hills Developments.
It is worth noting that the Mansour brothers have a sister named Raywa Mansour. She is also involved in the family business, serving as a board member of the Mansour Group. Although Rawya’s net worth is not known, she serves as the founder of RAMSCO for Refined Architecture and Interior Design and RAMSCO for Trade and Distribution.