Egyptian Billionaire Mohamed Mansour Shifts Investments Back Home
After more than eight years in the UK, prominent Egyptian businessman Mohamed Mansour has officially announced his return to Egypt, as recorded in the UK business registry.
This decision is part of a broader trend of wealthy individuals leaving the UK following recent tax increases targeting high-income earners.
At 77 years old, Mansour is a notable supporter of the UK Conservative Party, having made a record donation of £5 million (approximately $6.7 million) in 2023 after being appointed the party's chief treasurer.
He was also honored with a knighthood last year for his contributions to business, philanthropy, and politics.
In exclusive statements, Mansour announced the commencement of production at the "Mack" car factory in Egypt, which will utilize 40% local components, marking a significant step in expanding his economic activities in his home country.
While the official reasons for his return have not been disclosed, experts suggest that the recent tax reforms in the UK played a crucial role in Mansour's decision. These reforms, particularly the tightening of tax residency rules in March 2024, require non-residents to pay taxes on foreign income after just four years, alongside the Labour government's move to eliminate tax exemptions on foreign asset inheritances.
Mansour has been an early investor in major tech companies such as Airbnb and Spotify and was among the wealthiest residents of London, managing his business operations from the upscale Mayfair district.
The Mansour Group, which he chairs, was established in 1952 as a cotton supplier and has since evolved into a diversified conglomerate based in Cairo, operating in real estate, food, and manufacturing, including ownership of one of the largest Caterpillar equipment agencies globally.
This move comes at a time when the UK is witnessing an increasing exodus of wealthy individuals, with others, such as the founder of the Bestseller fashion group, opting to return to their home countries like Denmark and Belgium, while some are relocating to low-tax regions such as Monaco and the UAE.
Mansour's decision to return to Egypt underscores his commitment to investing in his home country and continuing to develop his economic and philanthropic initiatives on Egyptian soil.
