Egypt’s property developer SODIC to invest $297.1 mln in 2019

Egypt’s Sixth of October for Development and Investment (SODIC) says it plans to invest 5.15 billion Egyptian pounds ($297.1 million) in its projects within 2019, managing director Maged Sherif announced on Wednesday.

The real estate developer seeks to direct 3.7 billion pounds to construction projects, besides 1.45 billion pounds for paying installments of land plots and acquiring partnership shares, Sherif said on the sidelines of Cityscape Egypt conference.

In 2018,  SODIC invested 2.4 billion pounds in a number of construction flagships and 791 million pounds for paying installments of land parcels and acquiring partnership shares, he added.

Earlier in March, the firm signed a partnership deal with the country’s New Urban Communities Authority (NUCA) to establish a fully-fledged urban project on a space of 500 feddans in Sheikh Zayed city, at the outskirts of Cairo.