Palm Hills Development said in a statement that the deal reflects the Egyptian real estate sector’s ability to attract regional as well as international investment, with the chairman of the company Yaseen Mansour claiming that the Egyptian economy has “successfully” regained the confidence of international institutions.
“It has also placed Egyptian companies at the epicenter of attention, which is evident through Palm Hills’ partnerships with Ripplewood and Aabar Investments, a major investment group in Abu Dhabi,” Mansour added.
The business tycoon noted that his company affirms its commitment to moving forward while keeping its promise to develop urban communities and to increase its investments to create nearly 200,000 job opportunities for young Egyptians.
Real estate developer Palm Hills Development has a capital market of approximately EGP 5.6bn, with investments in Egypt and Saudi Arabia.
Aabar Investments is owned by the Emirati government-owned International Petroleum Investment Company (IPIC), and also has a stake in Arabtec Holding, under which Arabtec Construction – which is concluding the one million residential-unit project in Egypt – acts. The company invests across various sectors including real estate development, financial services, energy, commodities, and aerospace.
Last week, it was announced that IPIC would build a coal-fired power plant in Egypt in cooperation with OCI N.V’s Orascom Construction. The project is valued at between $2.5bn and $3bn, and will be built over four years.