Palm Hills Developments has signed a strategic cooperation agreement with UAE's Miran Hills to launch a new project in Ras Al Hikma on the North Coast. The project spans an area of 5.65 million square meters and boasts a beachfront exceeding 4.8 kilometers.
The sales and marketing activities for the project are expected to commence in the summer of 2026. The company has confirmed that it is in the process of studying and discussing the project's details, indicating that more information will be announced once negotiations are concluded.
Event Details
Palm Hills Developments aims to enhance its portfolio of real estate projects, having seen a 30% increase in profits last year, reaching 4.42 billion EGP, compared to 3.4 billion EGP in 2024. The company's revenues also rose to 36.2 billion EGP, up from 27.2 billion EGP the previous year.
As part of its expansion strategy, Palm Hills has also signed a joint development agreement for a plot of land measuring 1.4 million square meters in West Cairo, in partnership with the Egyptian-Kuwaiti Real Estate Development Company. This new project is located near the initial phases of the "Palm Hills October" project and is planned to include a fully integrated residential community.
Background & Context
The Ras Al Hikma area is considered one of Egypt's promising tourist destinations, known for its stunning beaches and strategic location on the North Coast. This initiative comes at a time when the real estate sector in Egypt is experiencing a notable recovery, with increased demand for residential and tourism projects.
Palm Hills Developments seeks to capitalize on this growing demand by developing new projects that meet market needs, reflecting its commitment to strengthening its position in the Egyptian real estate market.
Impact & Consequences
The project is expected to achieve total sales of up to 177 billion EGP over a marketing period of 8 years. These sales will contribute to boosting the local economy and creating new job opportunities, positively impacting the local community.
Additionally, the project will aid in developing the region's infrastructure, enhancing its appeal as a tourist and residential destination. With the anticipated opening of the Grand Egyptian Museum, an increase in demand for tourism and residential projects in the area is expected.
Regional Significance
This partnership between Palm Hills and Miran Hills represents an important step in enhancing cooperation between Egypt and the UAE in the real estate investment sector. These projects reflect a positive trend towards strengthening economic relations among Arab countries, contributing to sustainable development.
Moreover, these projects present an opportunity to attract more foreign investments into the Egyptian market, enhancing the country's competitiveness in the regional and international markets.