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FINANCIAL NEWS
UAE’s Aabar acquires 5.1 percent stake in Egyptian Palm Hills
09 Nov 2014
(MENAFN) UAE’s Aabar Investments announced it has acquired a 5.1 percent stake in Palm Hills, Egypt’s second-largest listed real estate developer, Arabian Business reported.
Since Palm Hills is valued at approximately USD785 million, it is expected that Aabar made an investment of USD39.40 million to acquire the stake.
Under the agreement Aabar, which is a subsidiary of the United Arab Emirates’ sovereign wealth fund and run by the Abu Dhabi government, said that it will have a representative on the board of Palm Hills as well.
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