Arab Finance: Arab African International Bank (AAIB) is seeking to sell its stake in Palm Hills Development Company (PHDC) to Abu Dhabi-based Al Ain Holding, two sources familiar with the matter told Asharq Business on February 5^th.

The Mansour family owns more than 46% of Palm Hills’ shares, while Al Ain Holding holds a 12.7% stake in the company.

Regarding the majority shareholder’s position, a board member in Palm Hills denied that the Mansour family would sell their stake in Palm Hills, saying that they would buy an additional stake instead.

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