Palm Hills, the second-largest listed real estate developer in Egypt, is set to invest E£2.2 billion ($307.6 million) into its existing projects in the country this year, said a report.

The company will pump E£1.7 billion ($237 million) into the residential projects and E£500 million ($70 million) into commercial projects, reported Ahram, citing a company statement to the stock exchange.

Palm Hills' board of directors had recently approved the issuance of new shares worth E£1.65 billion ($230.49 million) to raise capital and boost growth, it stated.

The Egyptian developer said it will be issuing 824 million shares at a nominal value of E£2 ($0.28) each.

The company saw its third quarter 2014 net profit grow 152 per cent to E£129.7 million ($18 million) on a rise in deliveries.