Key Points:
- Egyptian developer led by Yasseen Mansour inks new project on Northern Coast with Pickalbatros Hotels.
- Hotel chain to add 2,000 rooms across Egypt and Morocco over the next three years.
- Palm Hills reports strong financial year, demonstrating its ability to thrive even in challenging economic conditions.
Cairo-based real estate leader Palm Hills Developments, led by Egyptian billionaire Yasseen Mansour, has secured a new deal to develop a tourism project on Egypt’s Northern Coast, further solidifying its position within the regional industry.
The firm has partnered with Pickalbatros Hotels & Resorts to construct the project on a 220-feddan site. Pickalbatros intends to add 2,000 new hotel rooms to its portfolio within the next three years under the agreement.
Pickalbatros confirms hotel project, ownership talks ongoing
Pickalbatros Chairman Kamel Abou-Aly confirmed that project blueprints, which include hotels, are currently being implemented. The partnership’s ownership structure is still under negotiation.
Established more than 20 years ago, Pickalbatros Hotels & Resorts is a prominent hotel chain in both Egypt and the MENA region. The company boasts a diverse portfolio of 25 properties in attractive destinations like Hurghada, Marsa Alam, Sahl Hasheesh, and Morocco.
Palm Hills: Top developer in Egypt
Palm Hills, the second-largest listed real estate company on the Egyptian Exchange, is recognized for its expertise in integrated developments. The company constructs residential, commercial, and resort communities, solidifying its position as a premier developer with a diversified portfolio across Egypt.
Under Yasseen Mansour’s leadership, Palm Hills reported a $51.1-million profit at the end of its 2023 fiscal year, reflecting a robust 25.9 percent year-over-year increase. This achievement is particularly impressive given the current global economic headwinds.
The profit surge stems from a significant rise in the company’s revenues, which climbed from EGP13.6 billion ($440.15 million) in 2022 to EGP17.46 billion ($565.13 million) in 2023. Despite ongoing economic challenges, Palm Hills capitalized on rising demand for real estate assets, fueled by urbanization and a growing need for housing.
