Palm Hills Development (PHD), is scheduled to start construction on a joint project with the New Urban Communities Authority (NUCA) in early 2017, said company CEO, Tariq Abdelrahman, Al Borsa News reported.

The joint project will be built over five to six phases and will cover an area of 500 acres.

“The company is currently focusing on developing projects in Eastern and Western Cairo, as well as the North Coast. There are no negotiations for partnerships for the projects, unlike the existing partnership with the company in Nasr City Project Capital Gardens,” said Abdelrahman..

For the first half of 2016, PHD recorded profits of EGP 169 million compared to EGP 273 million in profits for the year 2015.