Arab Finance: Palm Hills Development Company (PHDC), in cooperation with Cleopatra Group, is set to develop a tourism project in the North Coast, two sources in the know told Asharq Business.

Spanning an area of 420 feddans owned by Cleopatra Group in Sidi Heneish, the project is expected to generate over EGP 100 billion in revenues within seven years, one source said.

Under a partnership deal sealed with Cleopatra Group, Palm Hills will be responsible for the construction works for 67% of the project’s revenues, the source added.

It is worth noting that Palm Hills is planning to invest up to EGP 9.5 billion in its projects this year.

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