Abu Dhabi’s Aldar looking for more deals in Egypt’s real estate sector – CEO
Aldar Properties, Abu Dhabi’s biggest property firm, is halfway through its due diligence process on an offer to takeover a majority stake in Egypt’s property firm SODIC and is looking for additional opportunities in the North African country.
The offer for SODIC “is one of a number of opportunities we are looking at in Egypt,” Aldar’s chief executive Talal Al Dhiyebi told Bloomberg TV on Tuesday.
About the Egyptian real estate market, Al Dhiyebi said: “We think it’s one of the most lucrative and attractive real estate markets.”
Earlier this year, Aldar submitted a preliminary non-binding offer to acquire a minimum 51 percent stake in SODIC in a deal that values the Egyptian company at about $420 million.
The Emirati company has been looking to expand abroad as it faces limited growth prospects in the United Arab Emirates.
According to Al Dhiyebi, Aldar may invest between $1 billion to $1.5 billion in the next 12- to 18 months on acquisitions abroad and at home.
The company is also expanding its education and property management businesses, he added.
Aldar may sell bonds in the next three to six months if it finalises some acquisition opportunities, Al Dhiyebi further told Bloomberg TV.