Cairo – Mubasher: Palm Hills Development on Thursday announced signing two partnership agreements to develop the commercial section for two of its projects.

The deals signed with BADR Investments and Al Sharq Company, the executive arm for BADR, involve launching a joint venture (JV), Palm Hills said in a filing to the Egyptian Exchange (EGX).

The JV will be 60%-owned by Palm Hills and 40% by BADR Investments.

Separately, BADR chairman Mamdouh Badr El Din told Al Mal newspaper that the total development value of the two projects was EGP 7 billion.

Palm Hills last reported that its consolidated profits had risen by 6% year-on-year to EGP 224 million after tax and minority interest.

Its revenues had amounted to EGP 1.5 billion in Q1-18 due to lower sales as fewer projects were launched and fewer units were delivered.