Palm Hills Unit To Give Back Land to Government, Al Youm Says

March 24 (Bloomberg) -- A Palm Hills Developments SAE unit said it wanted to cancel the allocation of a coastal piece of land allotted to it by the government, Alam al Youm reported, without saying how it receive the information.

Palm Hills Middle East Co. for Real Estate could not continue its planned project on the 1,500-feddan (1,557-acre) land plot in Marsa Matrouh in north western Egypt under current economic conditions, the Cairo-based newspaper said.

To contact the reporters on this story: Ola Galal in Cairo at ogalal@bloomberg.net.

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net.