Palm Hills Development (PHD), an Egyptian real estate developer, is planning to open a company in Dubai, reported The National.

The Board of Directors for PHD approved the founding of the new company, Palm Hills International, to be located in Dubai Multi Commodities Center.  The company will have a starting capital of AED 100,000, according to Arab Finance.

The new corporation will cover any future development projects or investments outside of Egypt, although there are no international projects at the moment, said Tarek Abdel Rahman, co-CEO of PHD, according to Al Mal News.

PHD chose Dubai for a number of reasons, including the ease of starting up a business, lower costs, and no taxes, added Abdel Rahman.

PHD has numerous local projects in progress, including a 2.1 million square meter project with New Urban Communities Authority (NUCA).  The company may also work with NUCA to deliver a 4.2 million square meter project in West Cairo.