CAIRO: Egyptian real estate developer Palm Hills Developments (PHD) said Sunday that it will sell LE 315 million worth of units to Burooj Properties, the real estate arm of Abu Dhabi Islamic Bank (ADIB). Burooj signed an agreement to buy 425 units of PHD's Village Garden Katameya project, the Egyptian firm said in a statement. "Through this partnership PHD will be expanding its client base to reach Egyptian expatriates throughout the GCC and provide mortgage finance to potential customers through Abu Dhabi Islamic Bank's (ADIB) programs, PHD Chairman and CEO Yasseen Mansour said. PHD and Burooj Properties will work on developing and marketing a number of residential projects focused on the middle-income segment, according to the firm. Both companies have already started cooperating on their first residential partnership in East Cairo Village Garden Katameya, targeting Egyptian expatriates working in the GCC. Burooj Properties said it selected Egypt as its foray into regional expansion. Its parent company (ADIB) has had a presence in Egypt after its acquisition of the National Bank for Development in 2008. Palm Hills Developments is developing a number of residential, retail and tourism projects in the Cairo and Alexandria. Founded in 2005, Burooj Properties operates in the residential, hospitality and retail sectors and has assets under management in excess of $1 billion. The company also offers development management, asset management and investment advisory services. -Daily News Egypt
