{"id":13042,"date":"2016-05-14T22:40:34","date_gmt":"2016-05-14T15:40:34","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=13042"},"modified":"2016-05-14T20:45:48","modified_gmt":"2016-05-14T13:45:48","slug":"egypts-palm-hills-aims-to-set-up-shop-in-dubai","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/egypts-palm-hills-aims-to-set-up-shop-in-dubai\/","title":{"rendered":"Egypt's Palm Hills aims to set up shop in Dubai"},"content":{"rendered":"


\nThe Egyptian developer Palm Hills Development is planning to set up a base in Dubai.The company confirmed that its board has given the green light to establish a Dubai-based company, which will be used for “any potential future project\/investment opportunity outside Egypt”.However, it declined to comment on future plans, including whether it is currently looking to acquire land for Dubai-based schemes.Palm Hills is one of Egypt’s biggest property developers, with a current market capitalisation of about US$620 million. It operates at the premium end of the market, according to Harshjit Oza, an analyst with Egypt’s Naeem Brokerage.He believes that any potential move into the UAE would be a long-term affair, as “they have their plates full with what they are doing in Egypt”.The company currently has several major projects under way and is set to oversee two huge projects for New Urban Communities Authority (Nuca) – an Egyptian government agency in charge of delivering new cities. This year, it is set to launch a 2.1 million square metres project with Nuca in East Cairo and is in talks with the authority over a deal to deliver a 4.2 million sq metres project in West Cairo.Last week, Palm Hills revealed a 49 per cent year-on-year increase in first quarter revenue to 1.1 billion Egyptian pounds (Dh454m). It also upgraded its revenue guidance estimate for the whole of 2016 to 7bn Egyptian pounds – up from 5bn pounds previously. It also said that new sales to clients in the quarter increased by 62 per cent to 2.2bn Egyptian pounds – its strongest ever quarter for bookings.”All of the developers in Egypt, because of the demand and the growth, are quite busy with what’s going on [locally],” said Mr Oza.He added that any plans to buy land or assets overseas could be hampered by ongoing shortages of foreign currency. Despite the pound’s recent devaluation, dollars still change hands on the black market at a much higher rate [11 pounds to the dollar] than the official rate of [8.8 pounds], making large-scale transfers difficult. Mr Oza said that opening an office in Dubai still made sense, as it allowed Palm Hills to directly target Egyptian expats looking to buy homes rather than dealing with third parties, and in the long term it makes sense to pursue opportunities outside of its home market.”They need to diversify a bit,” he said.The company had previously expanded beyond its borders before the 2011 revolution, but was later forced to rein in its expansion plans to pay down spiralling debts. The company retains a 5 million square metres plot in Saudi Arabia that has yet to be either developed or sold off.mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Egypt’s Palm Hills aims to set up shop in Dubai<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Egyptian developer Palm Hills Development is planning to set up a base in Dubai.The...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-13042","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-3om","jetpack-related-posts":[{"id":8132,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/devaluation-a-boon-for-egypts-property-market\/","url_meta":{"origin":13042,"position":0},"title":"Devaluation a boon for Egypt's property market","date":"March 16, 2016","format":false,"excerpt":"\r \r Egypt's currency devaluation will boost the property sector and the stocks of listed developers.In a research note, the Egyptian investment bank Naeem Brokerage said that all listed property companies should have an uplift in values following Monday's decision by Egypt's central bank to devalue the pound by 13\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21486,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/egypts-palm-hills-approves-reverse-stock-split-on-depositary-shares\/","url_meta":{"origin":13042,"position":1},"title":"Egypt's Palm Hills approves reverse stock split on depositary shares","date":"July 31, 2016","format":false,"excerpt":"\r Palm Hills, Egypt's second-largest listed property developer, said on Sunday it had changed the conversion ratio for its depositary receipts, effectively engineering a reverse stock split of the underlying shares.The change, approved by the developer's board of directors on Thursday, will mean one depositary receipt now represents 20 ordinary\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4007,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/egypts-palm-hills-reports-128-rise-in-q4-profit\/","url_meta":{"origin":13042,"position":2},"title":"Egypt's Palm Hills reports 128% rise in Q4 profit","date":"February 7, 2016","format":false,"excerpt":"\r \r Palm Hills, Egypt's second-largest listed property developer, reported on Sunday a 128 per cent rise in fourth-quarter net profit to 203.5 million Egyptian pounds from 89.2m pounds in the same period in 2014.The company posted a 192 per cent rise in net profit of 1.03 billion pounds for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4081,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-schemes-help-egypts-palm-hills-to-break-sales-and-profit-records\/","url_meta":{"origin":13042,"position":3},"title":"New schemes help Egypt's Palm Hills to break sales and profit records","date":"February 7, 2016","format":false,"excerpt":"\r \r The Egyptian developer Palm Hills said property sales increased by 61 per cent last year to 6.3 billion Egyptian pounds (Dh2.95bn), surpassing a previous record of 5.5bn pounds set back in 2010.The company said that the growth in sales was a result of strong demand for new schemes\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8646,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/al-habtoor-says-no-response-from-egypt-over-8-5bn-investment-offer\/","url_meta":{"origin":13042,"position":4},"title":"Al Habtoor says no response from Egypt over $8.5bn investment offer","date":"March 20, 2016","format":false,"excerpt":"\r The billionaire Dubai developer has expressed surprise at the lack of response from President El Sisi despite Egypt\u2019s worsening economy\r \r Source : arabianbusiness.com\r Read more...Al Habtoor says no response from Egypt over .5bn investment offer","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":91057,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/in-pictures-egypts-el-sherbini-elshorbagy-win-psa-dubai-world-series-finals\/","url_meta":{"origin":13042,"position":5},"title":"In pictures: Egypt's El Sherbini, Elshorbagy win PSA Dubai World Series Finals","date":"June 10, 2018","format":false,"excerpt":"\r Egyptians Mohamed ElShorbagy and Nour El Sherbini - the respective men's and women's World No.1s - triumphed on a thrilling final day of action at the PSA Dubai World Series Finals to claim the prestigious season-ending titles at the Emirates Golf Club.\r \r Source : arabianbusiness.com\r Read more...In pictures:\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/13042"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=13042"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/13042\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=13042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=13042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=13042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}