ICEC

Property developer SODIC wins 500 feddans in Egypt’s Sheikh Zayed

Egypt’s property developer SODIC said on Monday it has won an auction for a land plot over 500 feddans in Sheikh Zayed City, in partnership with the government’s New Urban Communities Authority (NUCA).

SODIC aims to establish a fully-fledged urban project in Sheikh Zayed, at the outskirts of Cairo, with an expected contracts of 43 billion Egyptian pounds ($2.4 billion) within a timeframe of eight years.

“NUCA is scheduled to get payments estimated at 14.2 billion pounds in 11 years,” SODIC said in a statement.

During the first six months of this year, the company achieved net profit worth 374.09 million pounds up from 341.5 million pounds during the same period last year.

Revenues fell to 1.05 billion pounds at the end of June, compared with 1.17 billion pounds last year.

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