Egypt's Palm Hills to raise $400m

Egyptian developer Palm Hills Development has announced plans to raise $397.9m in new funds as it prepares to speed up construction spending, Reuters has reported. 'We see a unique opportunity to increase the pace of our build-out while capitalising on the currently low price of key construction materials,' investment relations manager, Sara El-Gawahergy said. The company, which targets higher-end buyers, has five real estate developments under way in the western edge of Cairo, four in its eastern edge and one on Egypt's North Coast, El-Gawahergy said.