Palm Hills Sells 26% Stake in Middle East for Investment

Egypt’s real estate developer Palm Hills Development (PHDC.CA) announced on Monday the sale of its 26% stake in Middle East for Investment and Touristic Development worth EGP 76.5 million.

Middle East for Investment and Touristic Development owns Seashell project in North Coast which has 245 feddans.

The real estate developer added in a bourse statement the sale decision aims at focusing on completing Palm Hills’ projects in North Coast, notably Golf Extension, Golf Views, Palm Parks, Palm Hills Katameya and Hacienda White 1, 2 in a faster pace.