Aabar Investments has acquired a 5.1 percent stake in Egypt's second-largest listed real estate developer Palm Hills, Palm Hills said in a statement on Sunday.
Palm Hills is valued on the Egyptian Stock Exchange at approximately 5.6 billion Egyptian pounds ($785 million), putting the value of the investment at around 285 million Egyptian pounds, according to Reuters calculations.
Aabar, a subsidiary of the United Arab Emirates' sovereign wealth fund and run by the Abu Dhabi government, will have a representative on the board, thestatement said.
Meanwhile, Palm Hills, said on Sunday third-quarter net profits rose to 129.70 million Egyptian pounds ($18 million).
The company reported profits of 51.47 million Egyptian pounds for the same period last year.
