Palm Hills Developments, a real estate company led by Egyptian billionaire Yasseen Mansour, has inked a groundbreaking agreement with Marriott International. The deal, valued at $130 million, paves the way for the construction of the Ritz-Carlton Palm Hills in West Cairo.
The deal, aimed at elevating the real estate industry and promoting tourism in Egypt, was signed on Mon., Dec. 4, by Yasseen Mansour, chairman of Palm Hills Developments, and Shadi Hassan, vice president of Marriott Group North Africa and the Middle East.
Mansour commented about the deal, saying, “We would like to welcome Marriott International as our new prominent collaborator in Palm Hills October as we are always eager to work with best-in-class partners, and bringing Ritz-Carlton on board is a milestone for our company.”
Luxury Oasis: The Ritz-Carlton Palm Hills to redefine luxury living in Egypt
The Ritz-Carlton Palm Hills will be a part of Palm Hills — a luxury mixed-use community located in the suburbs of West Cairo — offering breathtaking views of the Great Pyramids of Giza and the Palm Hills Golf Course. The development will include residential, commercial, dining, and entertainment spaces, redefining luxury living in Egypt.
The hotel’s prime location, within a 20-minute drive of Cairo’s landmarks such as the Great Pyramids of Giza and The Grand Egyptian Museum, positions it as a central hub for business, commerce, and entertainment. Accessibility from Cairo International Airport and The Sphinx International Airport further enhances its appeal.
Egypt’s real estate titan: Palm Hills dominates market with diverse portfolio
Palm Hills Developments, the second-largest real estate company on the Egyptian Exchange, is renowned for its expertise in developing integrated residential, commercial, and resort communities, establishing itself as a premier real estate developer with an extensive portfolio of investments throughout Egypt.
A significant portion of the ownership of Palm Hills rests with the Al-Mansour and Maghraby Investment and Development Group, which holds a 41.9-percent stake — Mansour, the chairman of the group, maintains a 7.29-percent ownership interest in Palm Hills Developments.
Palm Hills & Marriott: A Partnership for profit and progress in Egyptian real estate market
Palm Hills reported robust growth in the first half of 2023, with consolidated net profits after tax reaching EGP638.82 million ($20.67 million), showcasing a noteworthy increase compared to the same period in 2022, where profits stood at EGP561.79 million ($18.18 million).
This collaboration between Palm Hills and Marriott International will set new standards in the Egyptian real estate market, promising an unparalleled international experience and reinforcing the companies’ commitment to maximizing the value of Palm Hills communities.
