By: Abdullah Bedeir
Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) received credit facilities worth EGP 3.2 billion from some banks, the company’s managing director said.
SODIC has invested EGP 1.5 billion of these facilities, Maged Sherif added on the sidelines of Cityscape Egypt conference on Wednesday.
Earlier in March, the Egyptian real estate developer signed a partnership deal with the New Urban Communities Authority (NUCA) to establish a full-fledged urban project over 500 acres in Sheikh Zayed city.
The managing director expected the project’s first phase to be launched by the fourth quarter of 2019 or in the first quarter of 2020.
The planned project is projected to be constructed at a value of EGP 43 billion upon which NUCA will allocate up to EGP 15.3 billion under the deal over 11 years.
For the full-year 2018, SODIC’s profits reached EGP 450.9 million, compared to EGP 598.6 million in 2017, including minority shareholders’ rights.
Translated by: Zeinab Adel
