Egypt’s Palm Hills to inject 2 bln pounds investments this year

Egypt’s second largest listed real estate developer firm Palm Hills Developments (PHD) plans to invest 2 billion Egyptian pounds ($113.6 million) into its flagships within 2018, said chief executive officer Mohamed Sultan on Wednesday.

The two billion pounds will be invested to continue works on the company’s ongoing projects and start carrying out a number of new projects, Sultan stated.

“The company’s total land portfolio reached around 41 million square metres and includes 29 projects,” the Egyptian official referred.

Tarek Abdel Rahman, Palm Hills’ co- chief executive officer, referred that his company has completed 12 flagships, including 3,480 units.

“The company achieved contractual sales worth 10.5 billion pounds at the end of last year,” Abdel Rahman said, clarifying that Palm Hills also seeks to increase these contracts within 2018.