UAE’s Aabar Buys 5.1 % Stake in Egyptian Palm Hills

Aabar Investments has acquired a 5.1 percent stake in Egypt’s second-largest listed real estate developer Palm Hills (PHDC.CA), the Egyptian company said in a statement on Sunday.

Palm Hills is valued on the Egyptian Stock Exchange at approximately 5.6 billion Egyptian pounds ($785 million), putting the value of the investment at around 285 million Egyptian pounds, according to Reuters calculations.

Aabar, a subsidiary of the United Arab Emirates’ sovereign wealth fund and run by the Abu Dhabi government, will have a representative on the board, the statement said.

Source: Reuters