Egyptian billionaire Yasseen Mansour’s Palm Hills signs deal for real estate project in UAE

Key Points

• The Egyptian developer will build its first project outside Egypt near Saadiyat Island through a new subsidiary in Abu Dhabi.
• The deal marks Palm Hills’ second UAE venture and supports its broader strategy to grow in Gulf markets like Saudi Arabia.
• Palm Hills posted EGP80.2 billion ($1B) in quarterly sales, a 148% jump year-over-year, driven by strong project demand.

Shortly after announcing the launch of two subsidiaries in the United Arab Emirates, Palm Hills Developments is moving ahead with its first real estate project outside Egypt. The Cairo-based developer, led by Egyptian billionaire Yasseen Mansour, is expanding its footprint in the Gulf with a new development near Abu Dhabi’s Saadiyat Island.

Palm Hills targets Gulf real estate

According to a recent press release retrieved from Zawya, Palm Hills has signed an agreement with Wave Seven Investment RSC Ltd. to develop a 1.87 million-square-meter plot of land close to Saadiyat Island. The project will be executed through PHD North Jubail Property Development Company, a wholly owned subsidiary of Palm Hills.

The site is located in a prime area, near landmarks such as the Louvre Abu Dhabi, Yas Island, and Reem Island. This deal follows Palm Hills’ earlier move in February to establish a subsidiary within Abu Dhabi Global Market (ADGM), the emirate’s financial center, as well as a separate limited liability company. These steps reflect the company’s effort to tap into the Gulf’s growing appetite for high-end residential and commercial properties.

Egyptian developer grows beyond borders

Palm Hills, part of Egypt’s largest conglomerate, the Mansour Group, has built a solid reputation over the years as one of the country’s top developers. Known for building large-scale residential, commercial, and resort communities, it ranks as Egypt’s second-largest listed real estate firm. Yasseen Mansour, who owns just over 10 percent of the company, has played a key role in steering its growth, both at home and now increasingly abroad.

The company’s latest push into the UAE, combined with its activity in Saudi Arabia, marks a broader regional shift as Palm Hills looks beyond Egypt. These moves also appear to be paying off. The developer kicked off 2025 with a strong start, reporting record sales in the first quarter amid ongoing demand for its projects back home.

High-end projects fuel expansion

In its latest filing to the Egyptian Exchange, Palm Hills reported sales of EGP80.2 billion ($1 billion) in the first quarter of 2025. That’s a 148 percent jump compared to EGP32.2 billion in the same period last year, and nearly four times the EGP21 billion booked in the final quarter of 2024. The growth was driven by robust demand for its key developments, including Badya, Palm Hills New Cairo, Palm Hills Alexandria, and the luxury P/X project.

Importantly, Palm Hills has yet to include sales from its North Coast developments, which are expected to begin in May. Last year, that region alone added EGP90 billion ($1.8 billion) in sales, suggesting even more room for growth this year. With this pace, it appears well positioned to hit its full-year sales target of EGP200 billion ($2.5 billion), up 33 percent from 2024.