Monday 23 Dec
Palm Hills Developments is going to launch a tourism project in the North Coast near Ras El Hekma city.
The project will be implemented in partnership with Cleopatra
Group, owned by businessman Mohamed Abu Al-Enein. Palm Hills will develop the
land owned by Cleopatra Group in Sidi Heneish area.
The project is going to be built on an area of 420 feddans (acres).
Its revenues are expected to reach more than L.E.100 billion over 7 years. Palm
Hills will develop the project with a 67% share of the revenue, according to
the partnership agreement with Cleopatra Group.
The new project will be added to Palm Hills projects portfolio,
distributed across East and West Cairo, Alexandria, Ain Sokhna, and the North
Coast. The company targets the upper-middle class.
Palm Hills' land portfolio includes 35 million square meters,
of which more than 20 million square meters are distributed on different areas
of Egypt. It will take 9 years to develop these lands.
