Cairo 17 April 2010 — Palm Hills Developments (PHD), one of the leading real estate developers in Egypt listed on both the Egypt and London Stock Exchanges, signed a strategic partnership agreement with Burooj Properties, the real estate arm of Abu Dhabi Islamic Bank (ADIB) which develops and markets real estate developments in the United Arab Emirates, GCC and Middle East

This agreement covers the sale of 425 units of Palm Hills Development’s Village Garden Katameya project with a total value of EGP 315 million to Burooj Properties.

“Through this partnership PHD will be expanding its client base to reach Egyptian expatriates throughout the GCC and provide mortgage finance to potential customers through Abu Dhabi Islamic Bank’s (ADIB) programs. This latest agreement with Burooj Properties is yet another example of our successful partnerships, built on a reputation for excellence that both companies are renowned for” said Yasseen Mansour, CEO and Chairman of PHD.

Commenting on the agreement, Adel Ahmed Al Zarouni, Managing Director of Burooj Properties, stated “After our success in the Abu Dhabi market, our entry into the Egyptian is a continuation of our strategies of diversification and accomplishments in the real estate sector. We are committed to offering clients a range of high quality products targeting the middle income bracket, and partnering with real estate development companies with strong reputations, such as Palm Hills Developments. We are confident that our partnership with PHD will result in a fruitful alliance that will result in the timely delivery of these projects,” added Al Zarouni.

Ashraf Ghazaly, Vice President of Strategic Planning and Development at PHD, went on to say that “This partnership is a continuation of PHD’s strategy to expand and form strategic alliances with reputable regional and international institutions in line with our expansionary strategy.”

With this agreement, PHD and Burooj Properties will work on developing and marketing a number of residential projects focused on the middle-income segment. Both companies have already started cooperating on their first residential partnership in East Cairo “Village Garden Katameya” targeting Egyptian expatriates working in the GCC.

Burooj Properties selected Egypt as the first step in the company’s regional expansion and implementation of its 2010 corporate strategy in order to leverage the synergy of its parent company (ADIB) which already has a significant presence in Egypt through its acquisition of the National Bank for Development in 2008.

Palm Hills Developments is one of the leading real estate development companies in Egypt, with the largest diversified land bank of any private developer in Egypt. The company is also currently working on developing a number of residential, retail and tourism projects in the Cairo and Alexandria governorates.

Burooj Properties was founded in 2005, and operates in the residential, hospitality and retail sectors. Based in Abu Dhabi and offering its services to the United Arab Emirates and the Middle East, Burooj Properties currently has assets under management in excess of US$1 billion, and a portfolio of projects that includes hotels and housing units. The company also offers a number of related real estate services, including development management, asset management and investment advisory.