Palm Hills Development (PHD) has settled its dispute with the cabinet and the New Urban Communities Authority to resume its activities in two sites in Sheikh Zayed City, 6 of October, which comprise around 56.77 feddans.

“The settlement agreement is valued at EGP 299m, of which EGP 96.4m is currently outstanding after deducting previous payments made by the company and including outstanding interest,” the real estate company said, adding that it “expects to discharge its remaining EGP 96.4m obligation in eight equal quarterly installments over two years from the date of signing of the reconciliation agreement”.

The company has stated, however, that it has not received any official notification regarding the settlement agreement of 230 feddans of land in New Cairo.