Arab Finance: Palm for Investment and Real Estate Development, a subsidiary of Egypt-based luxury real estate developer Palm Hills Developments, has signed a long-term syndicated financing agreement worth EGP 8 billion with Banque Misr and the National Bank of Egypt (NBE), as per a disclosure.
The facility will finance ongoing and planned development phases at Palm Hills New Cairo, allowing the company to accelerate construction as demand for the East Cairo project continues to grow. Palm Hills also plans to use the funding to complete the development’s amenities and services and deliver units ahead of contractual deadlines.
Banque Misr is serving as initial mandated lead arranger, bookrunner, facility agent, account bank, and escrow account bank. NBE is acting as initial mandated lead arranger, bookrunner, security agent, debt service account bank, and documentation bank.
“This financing reflects the banking sector’s confidence in the Group’s strong financial position, the quality of its project and asset portfolio, and its ability to execute large-scale developments while creating sustainable long-term value," Yasseen Mansour, Executive Chairman of Palm Hills Developments, said.
He added, "The financing will contribute to accelerating construction and supporting future expansion plans at Palm Hills New Cairo, one of the Company’s flagship developments in East Cairo, in line with the growing demand for the project. It will also support the Company’s objective of delivering units to customers ahead of their contractual delivery dates, while continuing to complete the project’s various components, amenities and services in accordance with the highest quality standards."
"The cooperation with Banque Misr and the NBE underscores the importance of the partnership between the banking and real estate sectors in supporting large-scale projects and Egypt’s urban development plans. It also reflects the confidence of leading financial institutions in Palm Hills Developments and its growth strategy,” he added.
"Palm Hills remains focused on accelerating execution across its various developments and enhancing the efficient deployment of its investments, supporting its sustainable growth plans and strengthening its ability to meet its commitments to customers. The Group will continue to develop fully integrated communities that create sustainable value for customers and shareholders while contributing to Egypt’s urban and economic development," Mansour continued.
It is worth noting that Palm Hills logged consolidated net profits after tax and non-controlling interest of EGP 2.264 billion in the first half (H1) of 2026, 7% year-on-year (YoY) lower than EGP 2.443 billion.
Established in 1997, Palm Hills is a leading real estate company listed on the Egyptian Exchange (EGX) and mainly develops integrated residential, commercial real estate, and resort projects.
