Saudi Public Investment Fund eyes stake in Palm Hills Development

Saudi Public Investment Fund (PIF) is in the advanced stages of negotiations with the Arab African International Bank to purchase its 13% stake in Palm Hills Development, known as the second-largest real estate company listed on the Egyptian Exchange. Insiders hinted at the possibility of finalising the deal before year-end, which would see the transaction executed in US dollars, due to existing company stakes recording in the same. Major stakeholders of Palm Hills Development include Al-Mansour and Maghraby Investment and Development Group owning 41.88% and the prominent shareholder, Yassin Mansour owning 7.29%. The remainder of the shares circulates freely in the Egyptian Exchange. PIF's interest in Palm Hills Development bolsters the latter’s market presence, as their profit margins showed a 14% increase during the first half of this year. It was also revealed by sources that PIF is negotiating acquisitions of three additional Egyptian private companies operating in the education, health, and real estate sectors, again aiming to wrap up these deals before the year concludes.