16 Apr 2010 07:00
April 16th, 2010
London Stock Exchange
Palm Hills Developments Signs an EGP 315 million Agreement with Burooj Properties to Offer its Egyptian Properties to Buyers in the Gulf and Middle East
PHD has signed a memorandum of understanding (MoU) with Burooj Properties, the real estate arm of Abu Dhabi Islamic Bank (ADIB) which develops and markets real estate developments in the United Arab Emirates, GCC and Middle East.
This agreement covers the sale of 425 units of Palm Hills Development's Village Garden Katameya project with a total value of EGP 315 million to Burooj Properties. Through this partnership PHD will be expanding its client base to reach Egyptian expatriates throughout the GCC and provide mortgage finance to potential customers through the Abu Dhabi Islamic Bank (ADIB) programs.
With this agreement, PHD and Burooj Properties will work on developing and marketing a number of residential projects focused on the middle-income segment. Both companies have already started cooperating on their first residential partnership in East Cairo "Village Garden Katameya" targeting Egyptian expatriates, for which Burooj Properties will market and source potential buyers and provide them with the banking facilities needed through ADIB.
This partnership is a continuation of PHD's strategy to expand and form strategic alliances with reputable regional and international institutions in line with our expansionary strategy.
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Chief Financial Officer
Ihab Swellem