Developer plans aggressive expansion as Egyptians exit Cairo

Cairo

PALM Hills Developments SAE is planning "aggressive" expansion as more Egyptians move outside congested Cairo and invest savings in real estate rather than the declining stock exchange or foreign currency.

The luxury real estate developer will sign a contract this year for a mixed-use project on 2.1 million square metres of land east of Cairo on a revenue-sharing basis with the government, chairman Yasseen Mansour said in an interview on Thursday. He expects to sign another contract for 42 million square metres west of Cairo in the first half next year, he said.