Egypt’s Palm Hills aims to invest $242mln in 2022

Mansour expected an increase in real estate prices in Egypt between 10 and 12% in 2022

  
Residential buildings are seen in the New Administrative Capital (NAC) east of Cairo, Egypt March 8, 2021. Image used for illustrative purpose.

Residential buildings are seen in the New Administrative Capital (NAC) east of Cairo, Egypt March 8, 2021. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany
Palm Hills, the second largest real estate company listed on the Egyptian Stock Exchange, aims to invest EGP3.8 billion ($242 million) during 2022, the company’s chairman said in an interview to Asharq TV.

For 2021 the company projected an investment of EGP2.5 billion expected this year. Yasseen Mansour revealed that he expects sales of around EGP170 billion from the Badya project, the integrated urban project west of Cairo, which is projected to be completed within a 14-year period.

He added that PH is looking to securitize a real estate portfolio of around EGP1.2 billion before the end of 2021, provided that it can secure financing on a new portfolio before the end of the first half of 2022.

Mansour expected an increase in real estate prices in Egypt between 10 and 12 percent in 2022.

Palm Hills owns projects across Egypt, in East and West Cairo, Alexandria, Ain El Sukhna and the North Coast.

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