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The Saudi Public Investment Fund (PIF) is in talks with the Arab African International Bank to buy its 13% stake in Palm Hills Development, the second-largest real estate company listed on the Egyptian Exchange.
Palm Hills Development is owned by the Al-Mansour and Maghraby Investment and Development Group, which holds 41.88% of the shares, and Yassin Mansour, the principal shareholder, who owns 7.29%. The remainder of the shares are traded freely on the Egyptian Exchange.
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