Egyptian developer Palm Hills has said it will spend up to $225.3m on new investments by the end of the year.

In a company statement, co-CEO Tarek Abdel Rahman said the money is designated to complete 12 ongoing projects, including five in east Cairo, five in west Cairo and two near the North Coast area.

The funds will also go towards starting new schemes in Egypt, Abdel Rahman said.

Palm Hills currently has a real estate portfolio in Egypt of up to 20 million square metres.

Analysts have told that MEED local developers are keen to press ahead with new projects as well as raise enough capital to complete previously stalled schemes.

Companies have either earmarked funds or looked at ways to raise capital through debt or public listings.

Local developer Madinat Nasr also recently announced it is considering a $113m loan. It is understood the loan will be used to “speed up the development of existing projects”.

Also earlier this month, local developer Rooya Group announced it is planning to list some of its shares on the Egyptian stock market by the end of the year.

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