By: Abdullah Bedeir
Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) plans to inject EGP 5.15 billion in investments this year, the company’s managing director said.
SODIC aims to direct EGP 3.7 billion to construction projects, along with EGP 1.45 billion for paying installments of land plots and acquiring partnership shares, Maged Sherif added on the sidelines of Cityscape Egypt conference on Wednesday.
The Egyptian real estate developer invested EGP 3.19 billion over the course of 2018, including EGP 2.4 billion for construction projects and EGP 791 million for paying installments of land parcels and acquiring partnership shares, the managing director revealed.
Earlier in March, SODIC signed a partnership agreement with the New Urban Communities Authority (NUCA) to establish a full-fledged urban project over 500 acres in Sheikh Zayed city.
For the full-year 2018, SODIC’s profits amounted to EGP 450.9 million, compared to EGP 598.6 million in 2017, including minority shareholders’ rights.
Translated by: Zeinab Adel
