Palm Hills Developments is targeting sales of approximately $7 billion in its massive Abu Dhabi project.

Abu Dhabi, December 8 (Reuters) - Palm Hills Developments, the Egyptian real estate developer, aims to achieve sales exceeding $7 billion in its first project in the UAE and plans to begin construction next spring, its chairman Yassin Mansour told Reuters in an interview.

Mansour added that the Saadiyat Shores project spans 1.87 million square meters in Abu Dhabi and will cost around 20 billion dirhams ($5.4 billion).

He said the company is working with authorities to obtain final approvals.

He added that construction is expected to begin in April or May 2026, with deliveries commencing approximately three to three and a half years later. He anticipated demand from buyers in Europe, the United States, Egypt, and Asia.

Mansour said, "The total sales we expect in this project are more than seven billion dollars."

Mansour added that the company is using UAE banks to secure financing and expects to sign the memorandum of understanding "very soon." The company is also exploring opportunities for a second project in Abu Dhabi, as well as in Dubai.

Outside the UAE, Palm Hills is in talks regarding potential projects in Saudi Arabia, where two projects are being studied in Riyadh and Jeddah.


(Reporting by Rachna Uppal - Prepared for the Arabic bulletin by Rehab Alaa)

This page is machine-translated. Sahm tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation. *Disclaimer: The above content only represents the author's personal position and opinion and does not represent any position of Sahm Capital Financial Company and Sahm cannot confirm the authenticity, accuracy, and originality of the above content. Investors should consider the risks of investment products in light of their circumstances before making any investment decisions. When necessary, please consult a professional investment advisor. Sahm does not provide any investment advice, nor does it make any commitments and guarantees.