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Sun 9 Nov 2014 02:39 PM

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UAE's Aabar buys 5.1% stake in Egyptian developer

Palm Hills is the country's second-largest listed real estate developer

UAE's Aabar buys 5.1% stake in Egyptian developer
(Image courtesy: www.ipic.ae)

Aabar Investments has acquired a 5.1 percent stake in Egypt's second-largest listed real estate developer Palm Hills, Palm Hills said in a statement on Sunday.

Palm Hills is valued on the Egyptian Stock Exchange at approximately 5.6 billion Egyptian pounds ($785 million), putting the value of the investment at around 285 million Egyptian pounds, according to Reuters calculations.

Aabar, a subsidiary of the United Arab Emirates' sovereign wealth fund and run by the Abu Dhabi government, will have a representative on the board, the statement said.

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