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Egypt's Palm Hills signs LE400mn construction contract with OCI

Orascom Construction Industries is to begin the construction process on a 2 million square metre contract with financially-troubled Palm Hills

Ahram Online, Tuesday 5 Mar 2013
Egypt
Egypt's Palm Hills
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Egyptian property developer Palm Hills has contracted the country’s leading private construction company, Orascom Construction Industries (OCI), to carry out their luxury housing project Golf View.

A statement to the Egyptian Bourse Tuesday details that OCI is authorised to start construction under the LE400 million contract ($59.3 million) on the project that was launched in 2007 on a total land area of 2 million square metres west of Cairo.

Egyptian investment bank Beltone Financial said on Tuesday that the project is expected to be fully delivered by 2014-2015, with a total of 550 units.

The contract is positive for both companies, mainly due to the fact that prominent contractors such as OCI were reluctant to enter into agreements with Palm Hills, which suffers from a tight liquidity quagmire and rumours that it had defaulted on many of its payments, according to Beltone.

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