Egypt-based Palm Hills Developments has announced signing two memorandum of understandings (MoUs) to develop commercial projects for its Palm Hills New Cairo and Badya residential projects, Invest-Gate reports.

The MoUs were signed with El Badr for Investments and Commercial Spaces and Al Sharq Real Estate Development (Badr Eldin Group), the company has revealed in a bourse filing.

The projects will be 60% owned by Palm Hills and 40% by Badr Eldin Group, the filing has added.

The two Palm Hills projects, Badya and Palm Hills New Cairo, are spanning across 500 and 3,000 acres, respectively.