Palm Hills Development has partnered with Saudi Arabia’s Dallah Investment to create multi-use urban projects across the Kingdom. The announcement was made at Cityscape 2024 in Riyadh, under the patronage of Majid bin Abdullah Al-Hogail, Minister of Municipal and Rural Affairs and Housing.
Partnership Details and Stake Distribution
Under the agreement, Palm Hills will own 60% of the venture, while Dallah Investment will hold the remaining 40%. The partnership will focus on key initiatives, including the establishment of 15 international schools over the next decade, strengthening community infrastructure.
Maged Sherif, CEO of Palm Hills in Saudi Arabia, explained the company’s decision to expand into the Saudi market. “Saudi Arabia’s real estate sector is experiencing significant growth, becoming the Kingdom’s second-largest economic activity. Saudi initiatives to attract foreign investment make it an ideal expansion environment for us,” he said.
Supporting Saudi Vision 2030
Saleh Kamel, representing Dallah Investment, emphasized the alignment of the partnership with Dallah Al-Baraka’s sustainable investment strategy. He added, “This collaboration aims to build modern communities that support Saudi aspirations and improve quality of life by enhancing educational infrastructure with new international schools.”
