Palm Hills Development, a leading real estate developer, has announced a partnership with Saudi Arabia’s Dallah Investment to develop integrated, multi-use urban projects across the Kingdom, Invest-Gate reports.

The partnership aims to create sustainable communities that elevate quality of life and address Saudi Arabia’s urban growth needs.

The announcement was made during Cityscape 2024, the world’s largest real estate exhibition, held in Riyadh under the patronage of Majid bin Abdullah Al-Hogail, Minister of Municipal and Rural Affairs and Housing.

Under the agreement, Palm Hills will hold a 60% stake in the new venture, with Dallah Investment owning the remaining 40%. The collaboration includes various projects, including an educational initiative to build 15 international schools over the next decade, strengthening community infrastructure. Additionally, the partnership extends into construction to leverage the two companies’ combined experience of over 30 years.

For his part, Maged Sherif, CEO of Palm Hills in Saudi Arabia, commented, “Palm Hills chose to expand in Saudi Arabia due to the significant growth of its real estate sector, now the second-largest economic activity in the Kingdom. Saudi initiatives to attract foreign investment make it an ideal environment for our company’s expansion, bringing our 25 years of success in Egypt to the Saudi market.”

Representing Dallah Investment, Saleh Kamel emphasized the partnership’s alignment with Dallah Al-Baraka’s sustainable investment strategy, supporting Vision 2030. “Through this collaboration, we aim to build modern communities that align with Saudi aspirations and improve quality of life by enhancing educational infrastructure with new international schools,” he said.