Latest news with #YasseenMansour
Zawya
02-06-2025
- Business
- Zawya
Egypt's Palm Hills unveils plans for major development in Jirian City
EGX-listed Palm Hills Developments (PHD) announced on Monday the launch of a new project in Jirian City, located along the Sheikh Zayed Axis in West Cairo. The announcement was made during the official launch of Jirian City, attended by Prime Minister Mostafa Madbouly. PHD's project, which will span 361 acres and include over 9 kilometres of Nile waterfront, will integrate residential and touristic elements, the company said in a press statement. PHD's Chairman and CEO Yasseen Mansour said the Jirian City project will include a new Palm Hills Sports Club focused on water and marine activities, with ambitions to support athletes competing at the 2028 Los Angeles Olympic Games. He added that the project aims to create around 100,000 direct and indirect jobs annually. PHD has developed 41 integrated projects across East and West Cairo, Alexandria, and the North Coast. It also has an established presence in the hospitality sector, with partnerships including The Ritz-Carlton Cairo Palm Hills and plans to add 4,000 new hotel rooms over the next five years. (Writing by Eman Hamed; Editing by Anoop Menon) (
Daily News Egypt
25-05-2025
- Business
- Daily News Egypt
Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool
Palm Hills Developments has officially launched the inaugural Palm Hills Squash Open tournament, taking place from May 22 to 27, featuring 48 top-ranked international male and female players from 13 countries and a total prize pool of $250,000. The event is sponsored by Cairo 3A Group and organized by ievents. During a press conference, Palm Hills emphasized that the tournament reflects its strategic commitment to supporting Egypt's sports sector, with a long-term vision of preparing Egyptian athletes to qualify for the 2028 Los Angeles Olympics. Yasseen Mansour, Chairperson and CEO of Palm Hills, stated: 'This tournament marks a step forward in positioning Egypt as a regional sports hub and highlights the important role of sports in community development. It also strengthens the Palm Hills Sports Club as a world-class platform that empowers future champions across all disciplines.' Amr Mansi, CEO of ievents, expressed his enthusiasm about hosting the tournament, noting that it aims to showcase Egypt's excellence in organizing global sporting events and reinforcing its leadership in squash. Ayman El-Gamil, Chairperson of Cairo 3A Group, said that the company's sponsorship reflects its belief in sports as a vital tool for youth empowerment and a reaffirmation of Egypt's global standing in squash. The tournament is part of a broader initiative by Palm Hills Sports Club to support the growth of Egyptian squash and demonstrate the country's capabilities in hosting high-profile international events, contributing to both sports development and tourism. Palm Hills has ensured full readiness for the tournament by equipping three squash courts within the Palm Hills Sports Club, in addition to a main championship court located at Palm Hills October with a seating capacity of 850 spectators. The venue also includes advanced medical and training facilities to provide athletes with a professional and supportive environment.
Zawya
10-03-2025
- Business
- Zawya
Egypt's Palm Hills unveils consolidated profits in 2024, regional expansion plans
Cairo: Palm Hills Developments Company registered 106% higher consolidated net profits after tax and minority interest at EGP 3.25 billion in 2024, compared to EGP 1.58 billion. Earnings per share (EPS) increased to EGP 1.12 last year from EGP 0.53 in 2023, according to the financial results. The sales hit EGP 27.16 billion at the end of December 2024, higher by 56% year-on-year (YoY) than EGP 17.45 billion. Yasseen Mansour, Executive Chairman of Palm Hills, commented: "We anticipate that any favorable policy shifts will contribute to stimulating both the economy and the sector in 2025.' Standalone Business The real estate developer logged standalone net profits after tax amounting to EGP 261.52 million as of 31 December 2024, marking an annual drop from EGP 928.16 million. Non-consolidated EPS plunged to EGP 0.08 in 2024 from EGP 0.31 at the end of December 2023, while the revenues climbed to EGP 6.21 billion from EGP 5.74 billion. In the first nine months (9M) of 2024, Palm Hills recorded sales momentum of EGP 130 billion. Regional Expansion Plans In a statement to CNBC Arabia, Hazem Badran, Co-CEO and Managing Director of Palm Hills, unveiled the company's plans in the Gulf countries. Badan stated that the EGX-listed developer has 16 projects under implementation, with investments exceeding EGP 15 billion by 2025. This is in addition to a land portfolio of 35 million square metres. Palm Hills is currently establishing a fully owned limited liability firm in the Abu Dhabi Global Market (ADGM), marking its entry into the UAE. In August 2024, Magid Ahmed Sami Mohamed Sherif was named the CEO of Palm Hills' business in Saudi Arabia.
