Egyptian property giant Palm Hills plans $225.3 mln investments this year

Egypt’s second-largest listed property developer, Palm Hills (PHDC.CA) is targeting new investments worth 2 billion Egyptian pounds (US$225.3 million) within the current year, its co-chief executive announced Tuesday.

The money is designated to complete the company’s 12 ongoing projects; of which five locate in east Cairo, five others in west Cairo, and two in North Coast, Tarek Abdel Rahman, the company’s co-CEO, added.

The new investments will be also directed to start new projects in Egypt, Abdel Rahman said.

Palm Hills has a real estate portfolio of about 26 million square metres, with 6 million of that exist in Saudi Arabia.

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