UAE's Aabar buys 5.1 percent stake in Egyptian developer Palm Hills

By Reuters

Nov 09, 2014 10:47 AM EST

Aabar Investments INPTV.UL has acquired a 5.1 percent stake in Egypt's second-largest listed real estate developer Palm Hills (PHDC.CA), 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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