Table of Contents
Key Points
- Palm Hills Developments and Dallah Real Estate will develop 15 international schools over the next decade, addressing Saudi Arabia’s demand for quality education.
- The partnership aligns with Vision 2030, aiming to enhance Saudi Arabia’s educational and urban infrastructure.
- Palm Hills reported a 180% rise in H1 2024 net profit, reinforcing its financial strength to support this regional expansion.
Palm Hills Developments, a leading Egyptian real estate company chaired by billionaire Yasseen Mansour, has entered into a partnership with Saudi Arabia’s Dallah Real Estate to develop integrated real estate projects across the Kingdom. This strategic collaboration aims to address Saudi Arabia's growing need for high-quality educational infrastructure while expanding Palm Hills’ presence in the Middle East.
Focusing on education through innovative real estate
The partnership will prioritize the establishment of approximately fifteen international schools over the next ten years, a direct response to Saudi Arabia’s rising demand for world-class educational facilities. Palm Hills CEO Magued Sherif emphasized the dual benefits of this venture, which supports both the company's regional growth and Saudi Arabia's Vision 2030.
“This partnership is a major step in Palm Hills' regional expansion strategy,” Sherif stated. “By meeting the demand for international schools, we aim to support Saudi Arabia’s educational development while delivering innovative real estate projects.”
Since launching operations in Saudi Arabia three months ago, Palm Hills has been negotiating with prominent landowners in key cities such as Riyadh and Jeddah to secure prime locations. The company plans to rely on Dallah Real Estate’s local expertise to ensure efficient project execution.
Aligning with Vision 2030 goals
Saudi Arabia’s Vision 2030, which prioritizes education and sustainable urban development, aligns seamlessly with this partnership. Palm Hills’ ability to integrate real estate projects with community-focused infrastructure demonstrates a forward-thinking approach that fits well within the Kingdom’s long-term goals.
The initiative underscores Palm Hills’ ability to innovate beyond traditional real estate, focusing on creating sustainable, liveable communities that meet the evolving needs of Saudi society.
Strong financial foundation for growth
Palm Hills’ recent financial results highlight its readiness to take on ambitious projects. In the first half of 2024, the company reported a 180-percent increase in consolidated net profits after tax, reaching EGP 1.70 billion ($34 million), compared to EGP 608 million ($12 million) during the same period in 2023.
The company’s strong financial performance, combined with its recent move to increase its stake in Macor Hotels from 60.3 percent to 69.8 percent, positions it well to execute its Saudi expansion plans.
This collaboration marks a significant milestone for Palm Hills, blending real estate innovation with strategic alignment to Vision 2030 and setting the stage for sustainable growth in Saudi Arabia.
