ALDAR reaffirms its commitment to Egypt
Abu Dhabi – UAE, 03 May 2023: SODIC’s majority shareholder Aldar has reaffirmed its commitment to being a long-term strategic investor in Egypt.
In 2021, Aldar led on one the largest foreign direct investments into the Egyptian real estate sector with the acquisition of SODIC, which is one of the leading real estate developers in the country. Following the acquisition, SODIC achieved EGP 21.3 billion in development sales in 2022 which represents an 87% year on year growth. This growth is in line with Aldar’s strategy to advance SODIC’s position as a leading national developer by scale and reputation. That performance has spilled over to 2023 with EGP 3.1 billion recorded in sales and reservations in Q1 2023 which shows the resilience and attractiveness of the real estate market in Egypt.
SODIC’s future growth potential continues to be positive with a revenue backlog of almost EGP 35 billion. It is also working on expanding its landbank in multiple areas across Egypt, including West Cairo, East Cairo and the North Coast.