PHD strengthens its Construction capabilities with a commitment to delivery

Cairo, 24 November 2010 - Palm Hills Developments (PHD), a leading Egyptian real estate developer has signed an agreement with Orascom Construction Industries (OCI), one of Egypt's leading large-scale industrial and infrastructure contractors.

"PHD seeks to select only the top partners in all of its projects" said Yasseen Mansour, Chairman & CEO, Palm Hills Developments. "Our agreement with OCI, one of the MENA region's leading construction companies, will further strengthen and solidify our position in the real estate market" added Mr. Mansour. 

One of PHD's key construction policies has always been on-time delivery and attention to excellence, and OCI's strong reputation and history in the market makes them an ideal partner for us to work with," Mr. Mansour added.

PHD's choice of strategic partners is a clear demonstration of the company's commitment to deliver the highest quality in real estate development for its clients.

OCI Construction Group Managing Director, Osama Bishai commented, "Our agreement with PHD reflects a growing trend for prominent real estate developers to award infrastructure work to major contractors such as OCI to ensure timely delivery to their clients. We will continue to target work from serious real estate developers, such as PHD whose long-term vision and commitment to quality and delivery is aligned with that of OCI." 

Under the agreement, OCI will start work on three projects - one in the North Coast and two in the Greater Cairo area - with an expected value exceeding EGP 600 million

With this agreement, PHD will be able to simultaneously work on the company's 19 existing projects, as well as begin work on 9 of the company's new projects. Working with Egypt's top  contractors gives PHD immense flexibility and a huge advantage by adding value to fulfill its commitment of delivery of units and to the company's properties.

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© Press Release 2010