Egypt-based developer Palm Hills Developments is expanding into Saudi Aarbia through a joint venture with Saudi businessman Khalid Al-Baltan, the company said on Thursday in a statement.

The joint venture has a capital of SR600 million ($160 million), 51 per cent owned by Palm Hills and 49 per cent by Baltan, it added.

It did not say what the new company would do but Palm Hills specialises in luxury residential developments.-Reuters