Raya and Palm Hills sign $16m lease deal

Cairo, April 21, 2010

Egyptian technology firm Raya and property developer Palm Hills Developments have signed a EGP90 million ($16 million) leasing deal for a Raya-owned property, Raya said on Wednesday.

Raya said the deal, signed by the chairmen of both firms, should provide it with capital gains of EGP37 million, EGP15 million of which will be booked in the current fiscal year and the rest in 2011.

Raya plans to sell its call centre assets as it moves away from its traditional operations, the firm said in March.-Reuters

Tags: Egypt | property | Raya | technology | IT | lease | Palm Hills Developments |