Egypt’s SODIC to launch new project in Sheikh Zayed next year

Egypt’s Sixth of October Development and Investment (SODIC) announced on Wednesday it is planning to launch a new project in Sheikh Zayed City, at the outskirts of Cairo, within 2019

The project will be launched on a land plot owned by El Yousr Company for Projects and Agricultural Development, an affiliate of SODIC, over 300 feddans.

In 2008, the real estate developer SODIC bought El Yousr Company in a deal estimated at 312.6 million Egyptian pounds ($17.4 million).

SODIC achieved net profit worth 374.09 million Egyptian pounds ($20.8 million) during the January-June 2018 period, up from 341.5 million pounds during the same period in 2017.

SODIC is expecting to post annual sales of 8.7 billion pounds within the current year, making a 55.35 percent growth.