Cairo – Mubasher: Middle East for Real Estate and Tourism Investment LLC, a subsidiary of Palm Hills Developments Company, is set to secure a long-term syndicated loan facility with a maximum EGP 1.30 billion from Banque Misr.

The unit will utilize the loan to finance the construction of 200 hotel rooms located in Hacienda White in the North Coast, according to a bourse disclosure.

Palm Hills’ board members agreed to guarantee the transaction on 8 April.

In 2024, the EGX-listed company recorded consolidated net profits after tax valued at EGP 3.25 billion, up 106% year-on-year (YoY) from EGP 1.58 billion.