Palm Hills’ unit to secure EGP 1.3B facility from Banque Misr

Updated 4/9/2025 11:45:00 AM
Palm Hills’ unit to secure EGP 1.3B facility from Banque Misr

Arab Finance: Palm Hills Development Company’s board approved to guarantee Middle East for Real Estate and Tourism Investment, a subsidiary firm, for a long-term syndicated loan facility with EGP 1.300 billion, as per a bourse statement.

The unit will secure the loan from Banque Misr to finance the construction of 200 hotel rooms located in Hacienda White in the North Coast.

At the end of December 2024, Palm Hills recorded 105.81% year-on-year (YoY) higher consolidated net profits after tax and non-controlling interest at EGP 3.254 billion, compared to EGP 1.581 billion.

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