The Arab African International Bank (AAIB) seeks to sell its stake in Palm Hills Developments to the Emirati UAE’s Al Ain Holding, Invest-Gate reports.

A board member at Palm Hills denies that Yassin Mansour has any intention to sell a stake in Palm Hills.

Palm Hills owns projects in East and West Cairo, Alexandria, Ain Sokhna, and the North Coast.

The company’s portfolio includes lands with an area of 35 mn sqm.

The Mansour family owns more than 46% of the shares of Palm Hills, while AAIB owns 12.7% of the company.