Egypt’s SODIC discloses land deal with NUCA

Egypt’s Sixth of October Development & Investment Company (SODIC) said on Monday that it acquired land from the New Urban Communities Authority (NUCA).

The land has a value of 534 million Egyptian pounds and is to be dedicated for the flagship ‘Caesar’ resort on the North Coast.

In a disclosure statement on to the Egyptian Exchange (EGX), SODIC said it was responding to a query from the EGX about the company’s May 15 statement regarding its agreement with NUCA.

“The company has paid the 10 percent down payment amount to NUCA as stipulated in the contract,” SODIC said.

SODIC also confirmed its commitment to invest more than 10 billion pounds in the project over the next four years.