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Palm Hills clinched EGP7bn partnership deals with Al-Badr & Al-Shark

Wednesday 04 July 2018 05:35 PM

Mamdouh Badr El-Deen
Mamdouh Badr El-Deen

By Bedour Ibrahim
Palm Hills Development, a residential property managers company, clinched a partnership deal with Al-Badr Property Investment and Al-Shark, the executive arm of Al-Badr, to develop  two commercial areas at Palm Hills to the east and west of Cairo at EGP7bn investments.
" The partnership helps merge the expertise of the three companies which carried out mega projects in the Egyptian market during the previous period,'  chairman of Al-Badr Eng. Mamdouh Badr El-Deen told Al-Mal newspaper.
Al-Badr implemented a plethora of commercial malls which helped boost the added value of the new urban Communities such as Al-Sheikh Zayd, inclusive of  Arkan Mall and Mazar Mall, with Palm Hills being  labelled among the magnates  that managed to execute comprehensive urban projects.
Partnership stakes are distributed  as per 60%, 40% and 40%  for Palm Hills, Al-Badr and Al-Shark respectively.
The partnership agreement stipulates the three companies joining forces to develop the 50 acres and 50 acres commercial zones at east-Cairo and west-Cairo's Palm Hills project respectively.
The two Palm Hills projects, west and east of Cairo over 500 acres and 3000 acres respectively, are under-construction in collaboration with the New Urban Communities Authority.