Palm Hills is planning to invest EGP 2 billion ($225 million) within the current year, company co-CEO, Tarek Abdel Rahman, told Amwal Al Ghad.
Investment will be directed towards the completion of Palm Hills’ 12 ongoing projects, of which five are located in East of Cairo, five in West of Cairo, and two are in the North Coast, said Abdel Rahman. Plans include also investments in new projects.
Palm Hills has announced a 43% drop in the first quarter of 2016 profits, in comparison to the same period in 2015; however, in terms of revenue the company confirmed an increase of 44.2% for Q1 2016 compared to that of the same period last year, hitting 1.07 billion, according to Reuters.
The company has also recently confirmed its plans to establish a Dubai-based company, which will be used for “any potential future project/investment opportunity outside Egypt”.