With Greater Egyptian Stability, Aabar Invests in Real Estate Development Company
Aabar Investments PJS, owned by International Petroleum Investment Company (IPIC), has acquired a 5.1% stake in the second largest real estate developer listed on the Egyptian Stock Exchange. Aabar purchased the stake in Palm Hills Developments Company SAE. Aabar will nominate a representative to the board of Palm Hills Developments. Palm Hills Development has a market capitalization of about 5.6 billion EGP.
Palm Hills Development is planning to expand development on its Hacienda Bay project, a resort project along the North coast of Egypt. The development is being designed by Sanford Gold Design. The project was on hold, starting January 2011, due to the Arab Spring affecting Egypt. The resort project has reduced the turf area from 80 acres to 60 acres.
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