Cairo, 14th March 2010 — Two syndicated facilities for a total amount of EGP 567 million were announced by CIB - the Mandated Lead Arranger, Facility and Security Agent - along with eight other banks active in the syndication market, namely Egyptian Arab Land Bank, National Bank for Development, Bank of Alexandria, National Bank of Greece, Arab Investment Bank, Blom Bank, Housing and Development Bank, and Egyptian Saudi Finance Bank, for Palm Hills Developments, one of the leading real estate developers in Egypt and in the region.

Mr. Ihab Swellem, PHD CFO said that “The proceeds of this loan shall be directed towards the financing of our real estate projects located within the Sixth of October City and New Cairo district.”

 “The completion of the two syndicated loans comes in line with PHD’s strategy in accelerating construction within the coming period to take advantage of the low cost of construction materials,” added Swellem.

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