Egypt’s real estate development company Palm Hills Developments (PHD) appointed Mohamed Fahmy as Chief Operating Officer (COO) and an executive member of its board of directors, with immediate effect, Invest-Gate reports.

Fahmy will lead the company’s operations and direct its finance functions, according to PHD’s official statement on September 4.

The new COO had been serving as a non-executive board member since his appointment in April 2019 and had previously served as PHD’s chief financial officer between 2007 and 2009, during which he concluded the company’s initial public offering on the Egyptian Exchange (EGX) and London Stock Exchange (LSE).

Commenting on his new position, Fahmy commented, “I am honored to take on the role of COO at PHD, the company where I started my career in the real estate industry, with excitement for the opportunities for growth and increased efficiency and accountability. PHD’s strategy has never been more compelling and I am energized to align PHD’s operations with its strategic vision.”

On his part, PHD’s Chairman & Group CEO Yasseen Mansour said, “Mohamed Fahmy is a trusted leader with a local and regional track record of delivering strong results. He is uniquely qualified to drive strategic prioritization to ensure operational excellence. I have full confidence in his ability to maintain and strengthen PHD’s leading position in Egypt’s real estate market, notably that we have worked closely together during the period between 2007 and 2009.”

On September 4, PHD posted a 3% rise in net profits after tax and minority interest in H1 2019, hitting EGP451 mn. However, revenues declined 25% year-on-year (YoY) to stand at EGP 2.5 bn in H1 2019 due to lower handed over residential units.