Riyadh - Sharikat Mubasher: Egyptian leading real estate developer Palm Hills Development Company established a subsidiary in Saudi Arabia to expand its presence in the Saudi real estate landscape.

In a statement, the Egyptian developer announced appointing Magued Sherif as Chief Executive Officer of the Saudi subsidiary.

Sherif has over 35 years of professional experience including several leadership positions with prominent companies in the industry. Past positions include Managing Director of SODIC, Egypt Country Head and Properties Chief Executive Officer at Majid Al Futtaim Properties Egypt as well as General Manager and Senior Vice President at Palm Hills Developments.

It is worth noting that Palm Hills achieved combined net profits amounting to EGP 1 billion during the first quarter (Q1) of 2024, compared to EGP 252 million in the same quarter in 2023.