Cairo – Mubasher: Palm Hills Developments Company has confirmed a media report that it is in talks with a syndicate of three banks for a loan totalling EGP 1.72 billion.

The company said that it is in the final stages of these talks, according to a bourse filing.

The loan will be used to fund the Palmet October project, which is being built on 45 faddans in West Cairo.

The net consolidated profit of Palm Hills Developments recorded EGP 1.58 billion in 2023, up from EGP 1.25 billion a year earlier.