Dubai: Abu Dhabi’s Aldar Properties and ADQ have completed their majority stake purchase of Egypt’s SODIC, one of the country’s leading developers. For Aldar, this marks the first time in recent years that it has expanded outside of Abu Dhabi.
SODIC develops upscale residential communities and mixed-use projects in Egypt. Additionally, the listed company has a solid land bank for a future project. It is also known as the Sixth of October Investment Fund. Aldar-ADQ owns 85.52 percent of the company. Aldar, one of the largest real estate names in the UAE, spoke earlier this year about its interest in Egypt.
Right fit for expansion
Talal Al Dhiyebi, Group CEO of Aldar, said: “Aldar has identified Egypt as a priority market for international expansion, driven by a strong belief in the country’s potential and the macro-economic fundamentals driving the real estate sector.
“After studying the market, SODIC emerged as our desired entry-partner and is a natural commercial fit for Aldar. The transaction is a testament to both Aldar and ADQ’s belief in the company’s track record, governance framework, and business model and we look forward to supporting SODIC to create even greater economic and social value for its stakeholders.”
Aldar is the majority shareholder in the Abu Dhabi consortium, which has a portfolio of major businesses in Abu Dhabi’s key sectors. In the last 12-18 months, ADQ has emerged as one of the UAE’s most influential holding companies.