Cairo-based real estate leader Palm Hills Developments, led by Egyptian billionaire Yasseen Mansour, has announced the establishment of a new entity in Saudi Arabia. This move marks a significant strategic expansion beyond its traditional North African base, aiming to capture a substantial share of the Middle Eastern real estate market.
The announcement was made public via the Egyptian Exchange (EGX), where the company revealed the appointment of Majed Sharif as CEO of the new Saudi venture. Sharif will lead the operations and steer the company's growth in the competitive Saudi market.
Palm Hills sees 298 percent profit increase in Q1 2024This expansion comes on the back of its impressive financial performance. The company reported a staggering 298 percent increase in consolidated net profits for the first quarter of 2024, reaching EGP1 billion ($20.34 million), up from EGP252.67 million ($5.13 million) in the same period last year.
This robust performance follows a successful 2023 , during which Palm Hills achieved a profit of $51.1 million, marking a 25.9 percent increase year-over-year.
