UAE's Aldar reaffirms long-term investments in Egypt
Updated 5/3/2023 7:30:00 PM
Arab Finance: Abu Dhabi-based Aldar, the majority shareholder of SODIC, has reiterated its long-term strategic investments in Egypt, according to an emailed press release on May 3rd.
The acquisition of SODIC, one of the top real estate developers in Egypt, allowed Aldar to lead the largest foreign direct investments into the Egyptian real estate sector in 2021.
SODIC generated EGP 21.3 billion in development sales in 2022, marking an 87% year-on-year increase following the completion of the acquisition.
This growth is aligned with Aldar’s strategy to support SODIC’s position as a leading national developer in terms of scale and reputation.
In the first quarter (Q1) of 2023, SODIC recorded EGP 3.1 billion in sales and reservations.
SODIC’s future growth prospects remain positive, with a revenue backlog of about EGP 35 billion.
Additionally, it is working on broadening the size of its landbank across Egypt, including West Cairo, East Cairo, and the North Coast.
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