03‏/05‏/2025

Palm Hills denies any seizure of its lands on the North Coast

Palm Hills Development Company commented on news circulating about its commitment by the Ministry of Housing to pay compensation to squatters on its lands on the North Coast. News circulated about the Ministry of Housing obligating the company to pay compensation to squatters on the undeveloped part with an area of ​​27.46 acres, equivalent to 115.3 thousand square meters, in the lands allocated to the company in the Sidi Abdel Rahman area of ​​Matrouh Governorate.

Palm Hills Development indicated that there is no seizure of the company's land on the North Coast. Palm Hills confirmed that this area has been in the possession of the company since the beginning of the project, so there is no financial obligation on the company, as mentioned.

It is noteworthy that the results of Palm Hills Development’s work during the first half of 2023 showed that the company was able to record new sales exceeding 19.6 billion pounds, exceeding the sales achieved during the past year, which amounted to 10.7 billion pounds, with a growth rate of 84%.