Cairo – Mubasher: Palm Hills Development Company has signed an EGP 505 million short-term facility agreement with Ahli United Bank (AUB) Egypt, according to a bourse statement released on Tuesday.

The company announced that it will use the facility to repay a loan granted by the Arab African International Bank for Palm Parks project and finance the project’s investment cost.

It is noteworthy that during the first nine months of 2019, the real estate developer logged a net profit of EGP 544.3 million, down from EGP 640.2 million in the year-ago period, including minority shareholders’ rights.