SODIC, one of Egypt’s leading real estate development companies announced its participation in the Cityscape exhibition to take place in Dubai from 4-6 December 2006. Over 35,000 industry professionals from over 85 countries will meet in Dubai this year for the largest international business-to-business real estate event. SODIC will be showcasing its latest projects and plans in its pavilion number 8E20, Hall 8 in the Dubai International Exhibition Center.
“With our participation in this year’s exhibition we aim to introduce SODIC as Egypt’s most progressive developer and the Egyptian real estate sector generally as the most exciting in the region” commented Maher Maksoud, Managing Director, SODIC. “In view of the massive changes that have taken place at SODIC recently and the exciting plans we have for the future, we felt that Cityscape is the ideal stage to showcase our plans,” he also added.
As one of Egypt’s largest real estate developers, SODIC aims to compete not only in the local market but also regionally. SODIC has recently undergone a corporate restructuring in 2005 along with a capital increase of LE 1.2 billion at the end of 2006. The company’s capital has now been increased from 15,984,000 shares to 27,984,000 shares and the company has a market capitalisation in the region of LE. 3 billion
In addition to its prime 6 million square metre project in Sheikh Zayed City in the west of Cairo, SODIC will also be displaying its recently acquired two plots totaling 984,900 square metres in the booming eastern district of New Cairo. The main plot is ideally situated immediately between the American University in Cairo new campus and the Katameya Heights extension and demonstrates the company’s commitment to its strategy of prudently acquiring land in the most prime locations. SODIC management expressed their view that this was a unique opportunity to acquire a premium plot in the booming New Cairo district that is forecast to have a population of over three million within the next 10 years.
As part of its policy of identifying and tying up with strategic investors to develop its lands, SODIC recently announced the sale of a 70 acre plot of land for development by a new joint venture company set up between SODIC, Palm Hills and other strategic investors. SODIC is currently in advanced discussions to forge alliances with other leading players who share SODIC’s values.
About SODIC
SODIC was established in 1997 as a PLC with the purpose of creating a new urban settlement in Sheikh Zayed in the western district of Greater Cairo. SODIC owns a premium plot of land flanking both the main Cairo-Alexandria highway and increasingly important Dahshour Road with an area that amounts to six million square meters starting at Kilo 36 of the Cairo Alexandria highway. SODIC has also recently acquired a 984,900 square meters plot in New Cairo immediately adjacent to the new campus of the American University in Cairo, and in October of 2006 the company issued 11 million shares to increase its capital for developing and buying new land.
About Cityscape
Cityscape Dubai is an annual networking exhibition and conference that focuses on all aspects of the property development cycle. Within the 55000 square metres exhibition space, Middle Eastern and International developers will showcase their projects to regional and international investors, developers, leading architects, designers, governmental and development authorities, consultants and all senior professionals involved in the property industry. This exhibition is expected to be three days of intense networking and deal making opportunities. Last year more than US$ 27 billion worth of deals were struck at the exhibition alone.
