PHD has another North Coast project brewing: Real estate developer Palm Hills Development (PHD) is teaming up with Cleopatra Group to develop a project in North Coast’s Sidi Heneish, Asharq Business reports, citing sources it says have knowledge of the matter. The project is expected to generate over EGP 100 bn in revenues within seven years, the sources said.

Who does what? PHD will undertake the development of the project in return for a 67% cut of the revenues, while Cleopatra Group will provide the land for the rest of the revenues.

Part of a larger investment strategy: PHD wants to invest up to EGP 9.5 bn in its projects over 2024, a 50% y-o-y increase.

It’s not even summer and the North Coast is hot (with investment): In February, the Madbouly government inked a USD 35 bn agreement with ADQ, giving the Abu Dhabi wealth fund and longtime investor in Egypt the development rights to Ras El Hekma on the North Coast. Emirati businessman and CEO of Al Habtoor Group Khalaf Al Habtoor told Ala Mas’ouleety that he is looking to invest in the North Coast and voiced his admiration for the region, while real estate developer Redcon Properties has said it is looking into setting up sustainable residential complexes in the coastal area. Egyptian real estate developer Al Ahly Sabbour has also expressed its interest with plans to purchase 1k feddans in the Ras El Hekma project for an urban and tourism project, chairman Ahmed Sabbour told Al Arabiya Business.

Tags: