Last Update 21:39
Sunday, 20 October 2019

Palm Hills on trial

The Egyptian administrative court will convene tomorrow to begin discussing the case of Palm Hills Development’s (PHD) land acquisition.

Ahram Online, Monday 13 Dec 2010
Views: 1887
Views: 1887

The Egyptian administrative court will convene tomorrow to discuss the case of Palm Hills Development’s (PHD) land acquisition, which allegedly violates the law regulating tenders and auctions.

Almost 77 per cent of the units to be considered during the trial have already been sold, but the land being reviewed by this case represents only a small fraction of the company's total land bank.

"It only concerns 2 per cent of the total land the company owns, estimated at 48 million sq. meters," said Mohamed Ashour, an analyst from Al-Naeem investment bank.

The case was filed by lawyer and construction company owner Hamdy El-Fakharany in September, after the Administrative Court issued a verdict declaring that the Talat Mustafa Group’s (TMG) contract with the Ministry of Housing for ownership of Madinaty Compound's land through direct land allocation was illegal.

Founded in 2005 by Mansour and Maghraby Investment and Development, PHD has one of the largest land banks in the country.

According to its semi-annual report, the company's profits reached LE 191.4 million, an increase of 22 per cent compared with the same period last year. The case filed with the administrative court puts the company's project in Katameya at risk of suffering the same fate as TMG.

TMG witnessed a dramatic decline in its stock prices over the past couple of months as a result of the administrative court's verdict on its land ownership.

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.