Aldar which is SODIC’s majority share holder has reiterated its desire to remain a key long-term strategic investor within the Egyptian Real Estate scene. It all started in back in 2021 when Aldar kick started one of the largest foreign direct investments within the Egyptian Real Estate Market by acquiring SODIC, which at the time was one of the most successful developers in Egypt.
The acquisition proved to be a big success as in 2022, SODIC were able to realize EGP21.3 billion in development sales. Such a figure meant that SODIC experienced in 87% YoY growth, an achievement which went perfectly in line with Aldar’s strategy to scale up SODIC’s reputation as a developer within the region.
SODIC has been able to maintain such performance consistently ever since, with Q1 of 2023 being no exception during which SODIC recorded EGP3.1 billion in sales and reservations. This if anything, proved the resilience of the Egyptian Real Estate Market despite the current economic situation both on the local and global fronts.
As such, SODIC’s future plans and growth potential remain on course with a revenue backlog of EGP 35 billion. As such projects in multiple areas in Egypt are on track including locations such as West Cairo, East Cairo and North Cairo among a few others.
Aldar has also recently released a formal statement through Abu Dhabi Exchange (ADX) reaffirming its commitment to investing in Egypt’s Real Estate. This statement came as a relief after a news report had come out a bit earlier via Reuters suggesting that Aldar was considering halting investments in Egypt.
On a more general note, Aldar finds itself in a favorable position despite the global economical challenges plaguing the market as of late as it has recently announced several achievements and strategic initiatives during its latest quarterly report. Increased demand from both residential and expat buyers has maintained the company’s strong performance resulting in a record quarterly development sales figure of Dhs 4.5 billion.