The project spans 420 acres (about one square kilometer). It is expected to generate revenues exceeding 100 billion Egyptian pounds (two billion dollars) over seven years. According to the partnership agreement with Cleopatra, the Egyptian owner of the land located in the Sidi Heneish area adjacent to Ras Al-Hikma city on the North Coast, the development process will be undertaken in exchange for 67% of the revenues.
The company owns projects in East and West Cairo, Alexandria, Ain Sokhna, and the North Coast, targeting the upper-middle class in its projects. It also holds a land portfolio totaling 35 million square meters, with over 20 million square meters distributed across various regions in Egypt, requiring a development period of nine years.
Regarding its financial results for the period from 01/01/2023 to 30/09/2023, the company achieved a consolidated net profit of 1,049,337,117 pounds compared to a net profit of 910,860,524 pounds during the period from 01/01/2022 to 30/09/2022.
Additionally, the company independently achieved a net profit of around 510,841,019 pounds for the period from 01/01/2023 to 30/09/2023, compared to a net profit of 713,172,000 pounds during the corresponding period of the previous fiscal year.
It’s worth mentioning that net gains or losses for the year are calculated according to the parent company’s ownership shares.
Palm Hills Development is the leading real estate development company in Egypt. Established in 1997, the company develops real estate projects in new urban communities and owns one of the most diverse land portfolios in Egypt, covering an area of 29 million square meters.
The company focuses on developing primary residential units in East and West Cairo, Alexandria, and seasonal units overlooking the Mediterranean Sea on the North Coast, with up to 34 projects across the Arab Republic of Egypt.
One of Palm Hills Development’s largest projects is Badya, which spans over 3,000 acres. Badya represents the first sustainable smart city located in the heart of New October City, connecting East and West Cairo through a strategic road network.
