Palm Hills Development (PHD), Egypt’s second largest listed real estate firm, said, in a statement Sunday that UAE’s Aabar Investments has acquired a 5.1 % stake in the company. Aabar, a subsidiary of the United Arab Emirates' sovereign wealth fund and run by the Abu Dhabi government, will have a representative on the board, the statement said.
PHD Chairman Yassin Mansour said the Egyptian economy has successfully lured backed regional and global investors and restored the confidence of global institutions, which placed Egyptian companies in the limelight.
PHD has been working on achieving outstanding results in its projects while maintaining the required quality standards, the top official said, adding that his company is committed to establishing integrated urban communities and achieving a leap in real estate sector, while continuing to inject fresh investments that will create 200 thousand new jobs over the coming five years.