{"id":618700,"date":"2024-04-18T00:00:00","date_gmt":"2024-04-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/18\/palm-hills-partners-with-cleopatra-group-to-develop-north-coast-project\/"},"modified":"2024-04-18T00:00:00","modified_gmt":"2024-04-18T00:00:00","slug":"palm-hills-partners-with-cleopatra-group-to-develop-north-coast-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/18\/palm-hills-partners-with-cleopatra-group-to-develop-north-coast-project\/","title":{"rendered":"Palm Hills partners with Cleopatra Group to develop North Coast project"},"content":{"rendered":"

PHD has another North Coast project brewing: <\/strong>Real estate developer Palm Hills Development (PHD) is teaming up with Cleopatra Group to develop a project in North Coast\u2019s Sidi Heneish, Asharq Business<\/a> 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. <\/p>\n

Who does what?<\/strong> 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. <\/p>\n

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

It\u2019s not even summer and the North Coast is hot (with investment):<\/strong> In February, the Madbouly government inked a USD 35 bn agreement<\/a> 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\u2019ouleety<\/a> 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<\/a> 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<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The project is expected to generate over EGP 100 bn within seven years<\/p>\n","protected":false},"author":1,"featured_media":618701,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7371],"tags":[72,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-618700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-enterpriseam","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"37c556f2-086d-4fbe-82dd-371f91ddadb3","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1193.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Palm Hills partners with Cleopatra Group to develop North Coast project","related_issue":[618693],"teaser":"The project is expected to generate over EGP 100 bn within seven years","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.5b8556a6-767f-443c-9373-ccd8de95ac87.mp3"},"yoast_head":"\nPalm Hills partners with Cleopatra Group to develop North Coast project - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/18\/palm-hills-partners-with-cleopatra-group-to-develop-north-coast-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Palm Hills partners with Cleopatra Group to develop North Coast project\" \/>\n<meta property=\"og:description\" content=\"The project is expected to generate over EGP 100 bn within seven years\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/18\/palm-hills-partners-with-cleopatra-group-to-develop-north-coast-project\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-18T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1193.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/18\/palm-hills-partners-with-cleopatra-group-to-develop-north-coast-project\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/18\/palm-hills-partners-with-cleopatra-group-to-develop-north-coast-project\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Palm Hills partners with Cleopatra Group to develop North Coast project\",\"datePublished\":\"2024-04-18T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/18\/palm-hills-partners-with-cleopatra-group-to-develop-north-coast-project\/\"},\"wordCount\":260,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/18\/palm-hills-partners-with-cleopatra-group-to-develop-north-coast-project\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1193.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"real estate\"],\"articleSection\":[\"Real estate\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/18\/palm-hills-partners-with-cleopatra-group-to-develop-north-coast-project\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/18\/palm-hills-partners-with-cleopatra-group-to-develop-north-coast-project\/\",\"name\":\"Palm Hills partners with Cleopatra Group to develop North Coast project - 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The project will cover 116 feddans and be developed over five phases. The first phase of homes is set\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":557678,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/28\/palm-hills-to-borrow-egp-2-5-bn-for-new-cairo-project\/","url_meta":{"origin":618700,"position":1},"title":"Palm Hills to borrow EGP 2.5 bn for New Cairo project","author":"enterpriseam admin","date":"28 September 2021","format":false,"excerpt":"A Palm Hills Development (PHD) subsidiary will borrow EGP 2.5 bn from Banque Misr and the National Bank of Egypt after signing a long-term financing agreement with the banks, NBE said in a statement (pdf) yesterday. Palm Investment and Real Estate Development will use the money to finance the company\u2019s\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/379.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":618663,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/17\/this-evening-finmin-released-a-preliminary-budget-report-for-fiscal-year-2024-2025-plus-phd-cleopatra-group-are-teaming-up-for-a-new-north-coast-project-that-could-ramp-up-egp-100-bn-in-profits\/","url_meta":{"origin":618700,"position":2},"title":"THIS EVENING: FinMin released a preliminary budget report for fiscal year 2024-2025. PLUS: PHD, Cleopatra Group are teaming up for a new North Coast project that could ramp up EGP 100 bn in profits","author":"enterpriseam admin","date":"17 April 2024","format":false,"excerpt":"Good afternoon, ladies and gentlemen, and happy almost-Thursday. Looks like the newscycle is not letting up as we inch closer to the weekend.PSA #1- EgyptAir has temporarily suspended flights between Cairo and Dubai in both directions after yesterday\u2019s bout of torrential rain in the UAE flooded out Dubai International Airport,\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/697.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590017,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/12\/sodic-al-safy-group-partner-on-new-north-coast-development\/","url_meta":{"origin":618700,"position":3},"title":"SODIC, Al Safy Group partner on new North Coast development","author":"enterpriseam admin","date":"12 July 2023","format":false,"excerpt":"SODIC will receive 73% of revenues from the planned project","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/450.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":641094,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/12\/phd-nuca-sign-egp-150-bn-agreement-to-co-develop-project-in-6-october\/","url_meta":{"origin":618700,"position":4},"title":"PHD, NUCA sign EGP 150 bn agreement to co-develop project in 6 October","author":"enterpriseam admin","date":"12 September 2017","format":false,"excerpt":"Palm Hills Developments (PHD) signed yesterday a EGP 150 bn agreement with the New Urban Communities Authority (NUCA) to co-develop the 3,000 feddan October Oasis residential and commercial project in Sixth of October, Al Mal reports. PHD expects to complete its general plan for the project and receive the necessary\u2026","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544529,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/housing-and-development-bank-palm-hills-report-rise-in-net-income\/","url_meta":{"origin":618700,"position":5},"title":"Housing and Development Bank, Palm Hills report rise in net income","author":"enterpriseam admin","date":"8 March 2022","format":false,"excerpt":"Housing and Development Bank\u2019s (HDB) net income rose 5% in 4Q 2021 to EGP 396 mn, according to the bank\u2019s latest earnings release (pdf). The bank reported net interest income of EGP 818 mn during the quarter, down almost 1% from 4Q 2020.In 2021: HDB reported EGP 1.8 bn in\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/618700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=618700"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/618700\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/618693"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/618701"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=618700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=618700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=618700"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=618700"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=618700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}