Egypt's Palm Hills Developments has allocated 4.5 billion Egyptian pounds ($243 million) for construction work in 2022, the company Chairman told Zawya Projects.

Yassin Mansour said PHD is aiming to deliver 2,000 units across all its projects and launch four phases of its new Badya project in West Cairo this year.

He disclosed that the EGX-listed developer is targeting 20 billion pounds ($1.1 billion) in sales revenues for 2022.

Last month, PHD had successfully concluded Islamic Sukuk issuance worth 3.25 billion pounds ($176 million) in cooperation with Sarwa Capital to fund the construction works of its Badya project.

(1 US Dollar = 18.49 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)