PHD’s Saudi expansion gains momentum: Real estate developer Palm Hills Developments (PHD) and Saudi investment group Dallah Albaraka subsidiary Dallah Real Estate made official their plans to develop integrated, multi-use urban projects and 15 international schools in the kingdom under a newly-inked partnership agreement between the two firms, PHD said in a statement (pdf).

The details: The two sides will work together to set up 15 new schools in the kingdom over the next decade and over a 30-year partnership build integrated urban communities. The two sides will set up a joint venture to carry out the projects.

Who owns what: PHD will hold a 60% stake in the new joint venture and Dallah Real Estate will own the remaining 40%, the statement read. The partnership is set to see combined investments of some USD 300 mn, PHD Chairman Yasseen Mansour said in September.

Remember: Palm Hills set up its Saudi branch back in August, joining other Egyptian real estate players that have recently entered the Saudi market.

What they said: “Palm Hills’ decision to expand into the Saudi market came after witnessing significant growth in the kingdom's real estate sector recently, with the sector becoming the second largest contributor to the Saudi economy. This expansion is also driven by the kingdom’s numerous initiatives to encourage private sector participation and attract foreign investments in the real estate sector, making it an ideal environment for expanding our business,” Magued Sherif, the CEO of Palm Hills Development’s Saudi arm said.

Palm Hills also has big education plans for Egypt: PHD plans to set up 10 schools in the country within the next 10 years. The firm in September inaugurated Badya University, a joint venture between Palm Hills Developments and higher education outfit Taaleem.

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