Palm Hills keeps negotiations on developing 500 acres in New Cairo

Palm Hills is keeping the negotiations flowing with the Egyptian housing ministry on the project of developing 500 acres in New Cairo, the company stressed Monday.

During Egypt’s March Economic Summit, Palm Hills – Egypt’s second largest listed real estate developer- has signed an MOU to develop 500 acres in New Cairo at a cost of $3 billion.

On other side, company’s consolidated business results showed that Palm Hills’ consolidated profits have been increased by 380.5% to hit 646 million Egyptian pounds versus 134.44 million Egyptian pounds during the previous year.