The company added in a statement on Wednesday that its confirmation clarified its position on its investments in Egypt.
In 2021, “Aldar” made one of the largest foreign direct investments in the Egyptian real estate market, through the acquisition of “SODIC”, one of the largest real estate development companies in the country.
After the acquisition, “SODIC”, a subsidiary of “Aldar”, managed to achieve sales of development projects worth 21.3 billion pounds (about 690 million dollars) in 2022, representing a 87% growth on an annual basis, according to the company’s statement.
According to the press release, this growth is in line with Aldar’s strategy, which aims to strengthen SODIC’s position as a leading national property developer.
The press release indicates that the value of sales and reservations of “Sodic” on residential units during the year 2023 amounts to 3.1 billion pounds, in the first quarter of the year.
The volume of accumulated revenue of “SODIC” for development projects amounted to about 35 billion Egyptian pounds, and the company is working to double the size of its land portfolio in different regions of Egypt, including the west and the south. East Cairo and the North Coast region.
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