2023-05-03 16:00:16
In response to a report published by a media outlet, Aldar Properties issued a clarification regarding its position regarding its investments in Egypt.
Al-Dar stated that in 2021, it carried out one of the largest foreign direct investments in the real estate market in Egypt through the acquisition of SODIC, which is one of the largest real estate development companies in Egypt.
After the acquisition, SODIC succeeded in achieving sales of development projects worth 21.3 billion Egyptian pounds during the year 2022, equivalent to a growth of 87% on an annual basis.
This growth is in line with Aldar’s strategy to strengthen SODIC’s position as a leading real estate development company at the national level in terms of size and reputation. The company continued the momentum of its business during the year 2023, as the value of its sales and reservations on residential units reached 3.1 billion Egyptian pounds in the first quarter of the year, which reflects the solid and attractive pillars that the real estate market enjoys in Egypt.
SODIC enjoys promising and positive growth potential, as its accumulated revenues from development projects amount to approximately 35 billion Egyptian pounds. The company is also working to double the size of its land portfolio in various regions in Egypt, including west and east Cairo and the northern coast.
Aldar confirmed its commitment to being a long-term strategic investor in the Egyptian market.
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