Table of Contents
Key Points
- Palm Hills Developments secures a EGP10.3 billion ($212.3 million) loan to fund its ambitious Badya project, Egypt’s first smart city.
- The loan, led by Banque Misr, supports Palm Hills’ expansion and aligns with Egypt's Vision 2030 urban modernization plan.
- Palm Hills' assets surged by 27.9% in 2024, hitting EGP95.03 billion, driven by integrated residential and commercial projects.
Palm Hills Developments, a Cairo-based real estate firm led by Egyptian billionaire Yasseen Mansour, has approved a long-term syndicated loan of EGP10.3 billion ($212.3 million) to finance part of the investment costs for its ambitious ‘Badya’ project.
The loan, provided by Banque Misr and a consortium of participating banks, will support the construction of Badya, one of Egypt’s largest real estate projects.
Strategic financing for growth
This loan aligns with Palm Hills’ broader strategy of leveraging debt to scale its operations, as highlighted in a company press release. The board-approved financing is aimed at driving the company’s expansion efforts, with Badya positioned as a flagship development.
The project is part of Palm Hills' long-term vision to address Egypt’s property market needs and introduce innovative residential designs in the Middle East and North Africa (MENA) region.
Located in 6th of October City, Badya spans 3,000 acres and is envisioned as Egypt’s first smart city aligned with the UN Sustainable Development Goals. The development is also a key component of Egypt's Vision 2030 initiative, focused on urban modernization.
Palm Hills' expanding footprint
Palm Hills, Egypt's second-largest listed real estate firm and a subsidiary of Mansour Group, has seen significant growth in recent years.
The real estate giant, in which Yasseen Mansour holds a 10.17 percent stake, focuses on integrated residential and commercial communities across Egypt. Its asset base expanded by 27.9 percent to EGP95.03 billion ($1.96 billion) in the first half of 2024, reflecting its robust performance.
The approval of the $212.3 million loan marks a pivotal step in transforming the Badya project from concept to reality, showcasing Palm Hills’ commitment to combining innovation, sustainability, and urban development.
