Abu Dhabi - Egyptian real estate developer Palm Hills Developments is targeting sales of more than $7 billion in its first project in the United Arab Emirates and plans to start construction next spring, chairman Yassin Mansour told Reuters in an interview.

The project, Saadiyat Shores, is located on a 1.87 million square metre (0.72 square mile) plot in Abu Dhabi, and will cost about 20 billion dirhams ($5.4 billion) to build, Mansour said.

The company was working with authorities on final approvals, he said.

Construction is expected to start in April or May 2026, with deliveries beginning roughly three to three-and-a-half years later, he said, with demand expected from buyers in Europe, the United States, Egypt and across Asia.

"The total sales we're expecting in that project is north of 7 billion U.S. dollars," Mansour said.

Mansour said the company was tapping UAE banks for financing and expects to sign term sheets "very soon." The developer is also scouting opportunities for a second project in Abu Dhabi, as well as in Dubai.

Beyond the UAE, Palm Hills is in talks on possible developments in Saudi Arabia, with Riyadh and Jeddah under study.

(Reporting by Rachna Uppal, Writing by Mohamed Ezz; Editing by Bernadette Baum)