Egypt's investment minister meets with country's fifth richest man

Ahram Online, Sunday 22 Dec 2013

Osama Saleh meets with the exonerated real estate tycoon Yassin Mansour, aiming to encourage domestic investment; Mansour asks for help to relieve challenges in real estate market

Saleh and Mansour
Egypt's investment minister Osama Saleh (R) meets the business tycoon Yassin Mansour (Photo: Investment Ministry)

Egyptian Minister of Investment Osama Saleh met Saturday business tycoon Yassin Mansour to discuss the latter’s investment plan, the ministry stated.

Mansour — Egypt’s fifth richest man with a fortune of around $2 billion — returned to Egypt earlier this month after two years in the United Kingdom during which he was accused of profiteering and wasting public monies in association with officials belonging to the regime of deposed president Hosni Mubarak.

In July 2012, Mansour was cleared of the charges and accordingly his name was removed from a travel ban watchlist.

After his return, the 51-year-old resumed chairing Palm Hills Development (PHD), the country’s second biggest real estate developer.

According to the investment ministry statement, Mansour listed to Saleh some of the challenges PHD faces in two of its projects, asking the government to help ease them.

The meeting with Mansour reflects the government’s keenness to prompt the business community, particularly Egyptian business figures, to pump investment into the domestic market, the statement added.

PHD reported in September a net profit of LE2.1 million ($300,000) in the first half of 2013, compared to a loss of LE77 million ($11 million) in the same period of last year.

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