Cairo – Mubasher: Palm Hills Development Company is expected to become Egypt’s top landowner by 2018 after its agreement with the New Urban Communities Authority (NUCA), Prime Research said on Monday.

On Sunday, the NUCA agreed to develop a residential project in partnership with Palm Hills on an area of 12.6 million square metres in western Cairo.

Prime expects Palm Hills to become the top real estate developer in Egypt, noting that it owns about 41 million square metres, according to a report.

Palm Hills’ stock rose on Sunday by 0.63% to EGP 3.17.