PHD’s Mansour Calls for Removing Investment Obstacles in Egypt

Egyptian Investment Minister Osama Saleh met Saturday business tycoon Yassin Mansour to discuss the latter’s investment plan. 
Mansour is the chairman of Palm Hills Development (PHD) and Mansour Group. He 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.

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.

According to Almasry Alyoum newspaper, Mansour requested lifting the capital of his real estate group to complete outstanding projects.

PHD’s CEO Tarek Abdel Rahman said earlier that the real estate developer is planning to pump EGP 1 billion during 2014, with the aim of bolstering its current projects in eastern and western Cairo as well as in North Coast.
He added the planned investments reflect the company’s confidence in Egypt’s real estate market.
He also noted that pumping new investments will enable PDH to speed up the implementation of its current projects so as to be delivered to clients.
Abdel Rahman also stressed the legal standing of the company’s lands in eastern and western Cairo as well as in North Coast.