Mon, 04 Dec 2023

Aldar reaffirms its commitment to Egypt

04 May 2023, 22:52 GMT+10

ABU DHABI, 4th May, 2023 (WAM) -- SODIC's majority shareholder Aldar has reaffirmed its commitment to being a long-term strategic investor in Egypt.

In 2021, Aldar led one of the largest foreign direct investments into the Egyptian real estate sector with the acquisition of SODIC, one of the country's leading real estate developers.

Following the acquisition, SODIC achieved EGP21.3 billion in development sales in 2022, representing an 87% year-on-year growth. This growth aligns with Aldar's strategy to advance SODIC's position as a leading national developer by scale and reputation.

That performance has spilled over to 2023, with EGP3.1 billion recorded in sales and reservations in Q1 2023, which shows the resilience and attractiveness of the real estate market in Egypt.

SODIC's future growth potential remains positive, with a revenue backlog of almost EGP35 billion. It is also working on expanding its landbank in multiple areas across Egypt, including West Cairo, East Cairo and the North Coast.

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