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Egypt's OCI to develop Palm Hills property project

Embattled Palm Hills Development says Orascom Construction Industries will develop its latest 'Village Gardens Katameya' project

Reuters, Tuesday 27 Sep 2011
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Egypt's Palm Hills Development, the country's second-biggest listed developer, said Orascom Construction had won the development contract for a 554 million Egyptian pounds Palm Hills project.

Palm Hills Chief executive Mohamed Sultan said in a statement it awarded Orascom Construction (OCI) the contract to develop Village Gardens Katameya on the outskirts of Cairo.

OCI, Egypt's biggest listed firm, signed a deal with Palm Hills last November to build infrastructure and other projects over the next two to four years.

Palm Hills has been battered by the uprising that toppled President Hosni Mubarak and slid to a second-quarter net loss on weaker revenue from real-estate operations.

The firm said in June it was confident in the Egyptian market and promised to deliver some 1,000 units in the next six months.

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