Cairo – Mubasher: Palm Hills Developments (PHD) has appointed Hazem Badran and Tarek Tantawy as Group Co-CEOs and Managing Directors, following the approval of the board of directors on 30 May.

“Yasseen Mansour will continue as the Executive Chairman with a key role and active involvement in the business, overlooking the execution of PHD’s long-term business strategy,” the company said in a bourse disclosure.

Before joining PHD, Badran served as CI Capital’s Group CEO and Chairman of Corplease, while Tantawy was CI Capital’s Group Co-CEO and Managing Director.

In 2020, PHD achieved net profits of EGP 717.76 million, down from EGP 846.78 million in 2019, including minority shareholders’ rights.