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June 3, 2026: Palm Hills goes big

Palm Hills sees EGP 75 bn in sales from Jirian's first phase

Palm Hills Developments (PHDC) says the first phase of its new mega project, Jirian, will collectively generate EGP 75 billion in sales, the company’s Chairman Yasseen Mansour told Al Arabiya Business.

The details:

The project — a public-private partnership between Palm Hills, state-affiliated Mostakbal Misr, Nations of Sky, and Mountain View — aims to bring waterfront-style living to 6th of October by diverting a branch of the Nile to anchor a 1,600-feddan city in Egypt’s New Delta.

The city will be built over five years, with units handed over starting year four. Palm Hills is developing 361 feddans near Sheikh Zayed, including managing a man-made extension of the Nile that will cover around 20% of the project.

Jirian will feature 6,500 homes (generating a projected EGP 200 bn), with Palm Hills earning under 10% of sales for development and marketing. Mostakbal Misr will keep the lion’s share of revenues and will supply project infrastructure.

Part of a bigger strategy:

Prime Minister Mostafa Madbouly said Jirian is part of a larger state strategy to develop 2.5 mn feddans — equivalent to 4–5 full governorates — integrating agriculture, housing, and tourism.

The project aims to offer affordable housing, especially for youth and middle-income families, and is expected to create around 250,000 direct and indirect jobs.

FRA clears Egypt’s first SPAC for EGP 2.8 bn double acquisition

Egypt’s first SPAC, Catalyst Partners Middle East (CPME), has received the Financial Regulatory Authority’s approval to raise its authorized capital from EGP 1 bn to EGP 14 bn, clearing the way for two share-swap acquisitions worth a combined EGP 2.8 bn.

The transactions will see CPME acquire local fintech outfit Qardy and Catalyst Partners Holding, marking the first deals of their kind for a SPAC in Egypt.

The deals at a glance:

Qardy: CPME will acquire 100% of the digital lending marketplace in a transaction valued at EGP 1.16 bn. The deal will be executed through a share swap, with 3.9 new CPME shares issued for each Qardy share.

Catalyst Partners Holding: CPME will acquire a majority — potentially 100% — of its parent company at a EGP 1.64 bn valuation, issuing 32.9 shares for each share held by Catalyst Partners Holding shareholders.

These acquisitions are set to boost services in leasing, factoring, and SME lending, according to Catalyst Chairman Maged Shawky.

What’s next:

CPME, which listed on the EGX in late 2024, plans to close both deals this year, inject fresh capital, and roll out strategic growth plans — part of its broader ambition to acquire 6–10 companies in fintech and NBFS.

Advisors: Beltone Holding (investment banking), Matouk Bassiouny & Hennawy (legal), BDO Keys (valuation), and Grant Thornton (tax).

Nahr Al-Khair nets EGP 7 mn in profit for Q1

Al Khair River for Development, Agricultural Investment, and Environmental Services Co. (Nahr Al-Khair) reported a net profit of EGP 7 mn in the first quarter of 2025, marking a 42% YoY increase.

The company’s revenues rose to nearly EGP 65 mn, up from EGP 42 mn during the same three-month period of last year.

Follows a strong 2024:

In 2024, Nahr Al-Khair’s full-year net income jumped 55% to exceed EGP 64 mn, while revenues climbed to around EGP 275 mn, compared to EGP 202 mn a year earlier.

What else is clapping?

Misr Hotels (MHOT) will convert the Omar Effendi building in Hegaz from a commercial center into a 4-star hotel, the company said in a bourse filing. A feasibility study and structural assessment will be commissioned, with a full execution timeline to follow.

Remember, the company booked over EGP 1.1 bn in net income in the nine months ending in March, as revenues surged 41% YoY to EGP 1.41 bn.