Palm Hills Developments secures $157 million financing to accelerate Palm Hills New Cairo

Palm Hills Developments, the Egyptian real estate company chaired by billionaire Yasseen Mansour, has secured an EGP8 billion ($157 million) syndicated financing facility through its subsidiary Palm for Investment and Real Estate Development to accelerate construction and development at Palm Hills New Cairo.

The long-term facility will fund ongoing and future development phases of the East Cairo project, allowing the developer to increase execution pace as demand for Palm Hills New Cairo continues to grow.

Accelerating development in East Cairo

The financing will support construction across Palm Hills New Cairo, including the completion of residential units, amenities and supporting services. Palm Hills Developments said the additional funding will help it accelerate delivery and potentially hand over units to customers ahead of their contractual deadlines.

The facility comes as the developer continues to expand its presence in East Cairo, one of Egypt’s fastest-growing residential and commercial corridors. Yasseen Mansour, Executive Chairman of Palm Hills Developments, said the financing reflects the banking sector’s confidence in the company’s financial position, project portfolio and ability to execute large-scale developments.

He added that the funding would support construction at Palm Hills New Cairo while enabling the company to advance its broader expansion plans and maintain its focus on delivering integrated communities to customers.

Strengthening its development platform

Banque Misr and the National Bank of Egypt are providing the financing, with Banque Misr acting as initial mandated lead arranger, bookrunner, facility agent, account bank and escrow account bank. The National Bank of Egypt is acting as initial mandated lead arranger, bookrunner, security agent, debt service account bank and documentation bank.

Palm Hills has developed a diversified land bank of more than 43 million square meters across Egypt over more than 25 years. Its portfolio spans residential developments in West Cairo, East Cairo and Alexandria, second homes on the North Coast, five operating hotels and three sports clubs.

The company has also expanded beyond its core real estate operations through its 32.61% stake in Taaleem Management Services, which operates Nahda University, Badya University and Memphis University in East Cairo. The investment forms part of Palm Hills’ broader strategy across real estate, education and hospitality.

Building for sustained growth

The EGP8 billion financing strengthens the real estate company’s ability to deploy capital into Palm Hills New Cairo while continuing construction across its wider project portfolio.

Mansour said the company remains focused on accelerating execution, improving the efficiency of its investments and meeting customer commitments while creating long-term value for shareholders. The financing also underscores the role of Egypt’s banking sector in supporting major real estate developments as the country continues to expand its urban footprint.

Listed on the Egyptian Stock Exchange since 2008, Palm Hills now has a market capitalization of EGP43.3 billion ($850.52 million), amid its additional funding capacity to accelerate construction and complete the various components of its new development in New Cairo as it seeks to capture sustained demand in East Cairo.