Sudden shift of fortune for Egypt's troubled Palm Hill Developments



The outlook on Egypt's Palm Hills Developments has gone from dreadful to decent - in less than a week.

Things had been looking bleak for the company. Its shares were down 60 per cent since the beginning of February and its chairman, Yasseen Mansour, was on trial accused of corruption linked to state land sales.

But on Tuesday Mr Mansour was cleared of the charges, prompting the shares to surge as much as 10 per cent, and analysts said they were taking a fresh look at the stock.

Rehab Taha, a property analyst at Prime Securities in Cairo, said the company remained undervalued and trading at a discount to the rest of the property market. She said she maintained a "neutral" rating on the stock, with her enthusiasm tempered by the company's weak cash position and the high cancellation rate on its properties.

The cautious but favourable view on the developer was echoed elsewhere as analysts at HSBC increased their price target on the company to 2.5 Egyptian pounds, from 1.7 pounds. The analysts also retained a "neutral" rating.

Palm Hills yesterday pared off some of its earlier gains and declined 2.4 per cent to 2.45 pounds. Analysts said the fall was probably linked to a slump on the wider benchmark index, the EGX 30, which closed 2 per cent lower at 5,327.42 points.

Fears remain that Palm Hills is not out of the woods. The company is highly indebted and faces two court cases contesting the legality of two of its plots bought in 2007, and those cases could result in steep fines. Analysts say that is increasingly unlikely, however.

At the heart of the developer's legal wrangles are conflicting laws governing the sale of state land, which have ensnared a number of property companies.

Perceptions of crony capitalism that allowed top businessmen to build up massive fortunes from land sales played an integral part in the lead-up to the revolution.

Mr Mansour's acquittal alleviates concerns that executives and their companies would be punished indiscriminately.

According to local media reports yesterday, the public prosecutor plans to appeal against the chairman's acquittal.

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

UAE athletes heading to Paris 2024

Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).
Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).

Cycling
Safia Al Sayegh (women's road race).

Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics
Maryam Mohammed Al Farsi (women's 100 metres).

COMPANY PROFILE

Company name: Clinicy
Started: 2017
Founders: Prince Mohammed Bin Abdulrahman, Abdullah bin Sulaiman Alobaid and Saud bin Sulaiman Alobaid
Based: Riyadh
Number of staff: 25
Sector: HealthTech
Total funding raised: More than $10 million
Investors: Middle East Venture Partners, Gate Capital, Kafou Group and Fadeed Investment

COMPANY PROFILE

Company name: Co Chocolat

Started: 2017

Founders: Iman and Luchie Suguitan

Based: Dubai, UAE

Industry: Food

Funding: $1 million-plus

Investors: Fahad bin Juma, self-funding, family and friends

Alita: Battle Angel

Director: Robert Rodriguez

Stars: Rosa Salazar, Christoph Waltz, Keean Johnson

Four stars

The specs

Engine: 3.6 V6

Transmission: 8-speed auto

Power: 295bhp

Torque: 353Nm

Price: Dh155,000

On sale: now

Shooting Ghosts: A U.S. Marine, a Combat Photographer, and Their Journey Back from War by Thomas J. Brennan and Finbarr O’Reilly

The biog

Occupation: Key marker and auto electrician

Hometown: Ghazala, Syria

Date of arrival in Abu Dhabi: May 15, 1978

Family: 11 siblings, a wife, three sons and one daughter

Favourite place in UAE: Abu Dhabi

Favourite hobby: I like to do a mix of things, like listening to poetry for example.

Favourite Syrian artist: Sabah Fakhri, a tenor from Aleppo

Favourite food: fresh fish

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

Points to remember
  • Debate the issue, don't attack the person
  • Build the relationship and dialogue by seeking to find common ground
  • Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
  • Listen actively without interrupting
  • Avoid assumptions, seek understanding, ask questions
KEY DATES IN AMAZON'S HISTORY

July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon

1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024

1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006

2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black

2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year

2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video

2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started

2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa

2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition

2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone

MATCH SCHEDULE

Uefa Champions League semi-final, first leg
Tuesday, April 24 (10.45pm)

Liverpool v Roma

Wednesday, April 25
Bayern Munich v Real Madrid (10.45pm)

Europa League semi-final, first leg
Thursday, April 26

Arsenal v Atletico Madrid (11.05pm)
Marseille v Salzburg (11.05pm)

Roll of honour 2019-2020

Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain

West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership

UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes

UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II

UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby

HER FIRST PALESTINIAN

Author: Saeed Teebi

Pages: 256

Publisher: House of Anansi Press

The years Ramadan fell in May

1987

1954

1921

1888

FA CUP FINAL

Chelsea 1
Hazard (22' pen)

Manchester United 0

Man of the match: Eden Hazard (Chelsea)

How to increase your savings
  • Have a plan for your savings.
  • Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
  • Decide on a financial goal that is important to you and put your savings to work for you.
  • It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings. 

- Carol Glynn, founder of Conscious Finance Coaching