Egypt’s Palm Hills Developments and UAE’s Aabar Investments announced Tuesday the formation of the largest Private Joint Venture in Egyptian Emirati History to co-develop 10,000 feddans in West Cairo.
Palm Hills, the leading real estate developer in Egypt, and Aabar Investments PJSC, signed a Memorandum of Understanding (MoU) with the Egyptian Ministry of Housing for the exclusive co-development of an integrated city in 6th of October over10,000 feddans.
The MoU gives the Joint venture the exclusivity to finalize the definitive co-development agreement with the Egyptian Government. This deal reflects unprecedentedly the largest private to private venture in the history of both nations. It also reinstates the Egyptian real estate sector’s health and ability to attract investments.
Aabar – owned by the International Petroleum Investment Company (“IPIC”), is an investment company wholly owned by the Government of Abu Dhabi and chaired by his Highness Sheikh Mansour bin Zayed Al Nahyan, the deputy Prime Minister of the UAE and the UAE Minister of Presidential Affairs. Aabar is managed by His Excellency Khadem Abdulla Al Qubaisi who serves as the managing director and a board member of IPIC.
Yasseen Mansour, Chairman of Palm Hills Developments , stated, “Palm Hills is continuously striving to take its building on brand promise to much bigger horizons. This deal undoubtedly marks a significant milestone in the Egyptian Emirati partnership history. The project involves the development of large-scale integrated communities. The size of the investments required would significantly support the creation of job opportunities for young Egyptians and give a boost to the local economy”.
Khadem Abdulla Al Qubaisi, Chairman of Aabar , stated, “Our belief in the compelling demographics and attractiveness of the Egyptian market is unlimited. Clearly, Egypt is starting to reap the fruits of the great effort and well honed initiatives arranged by its wise leadership and efficient administration. We are very much looking forward to seeing this mega investment come to life.”
