Arab African International Bank may sell its 12.5% stakes in Palm Hills to an Emirati investor

Arab African International Bank (AAIB) is mulling the possibility of selling its entire 12.7% stake in EGX-listed Palm Hills Developments to the Emirati investment company Al Ain Holding, sources familiar with the matter reportedly told Asharq Business.

Arab African International Bank is Palm Hills’ second-largest shareholder:

AAIB is Palm Hills’ second-largest shareholder after the company’s founding Mansour family, which collectively owns around 49%. The remaining stake is divided among minority shareholders and freefloat shares on the EGX.

Palm Hills Developments reported record-high net income after tax and minority interest of EGP 911 mn in 9M 2022, up 43% y-o-y, the developer said in its earnings release. The record bottom line comes on the back of revenues reaching an all-time high during the nine-month period to EGP 9.5 bn, up 62% y-o-y.

About Al Ain Holding: Founded by UAE royal Sheikh Hamdan Bin Zayed Al Nahyan, the Abu Dhabi-based investment company’s portfolio spans residential, commercial and industrial properties, hotels, and schools. Most of the company’s portfolio is located in the UAE, but it also owns commercial properties in London.