Egyptian developer faces uncertainty in 2011

Palm Hills Developments, Egypt's second-biggest listed developer, said it faced a battle for survival this year, despite a record year for sales in 2010.

"Our message today is mixed: 2010 was the best year for sales in Palm Hill's history," said Yasseen Mansour, chairman and chief executive officer. "That said, this coming year is going to pose challenges for our continuing survival."

The firm said that in light of the political environment in Egypt, it expected a substantial decrease in 2011 sales and low or no new reservations or contracts to be signed for the first half of the year.

Source: AMEInfo