SODIC signs revenue-sharing agreement to develop 1,000 feddans in Egypt's New Sphinx City
Egypt - Sixth of October for Development and Investment Company (SODIC) has signed a revenue-sharing agreement with Rula for Land Reclamation to develop a 1,000-feddan land plot in New Sphinx City, located in West Cairo.
The strategically situated plot lies at Kilometer 54 in New Sphinx City, just 15 minutes from SODIC West, the company's flagship mixed-use development in the area.
The project planned for the site is expected to generate over EGP 353bn in sales. Under the terms of the agreement, Rula will receive a 21% share of the project's revenues, with the remaining 79% allocated to SODIC.
Commenting on the deal, Ayman Amer, SODIC's General Manager, stated: 'The 1,000-feddan plot is an exciting addition to SODIC's portfolio in West Cairo, a market where SODIC has always held a strong fort as a distinguished developer of upscale homes. The newly acquired plot has doubled SODIC's undeveloped land bank from 4 million sqm to over 8 million sqm.'
The agreement reinforces SODIC's position as a key player in the West Cairo real estate market and underscores the company's strategy to expand its land portfolio in high-growth areas.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 hours ago
- Zawya
NOG Energy Week 2025 Set to Evolve Africa's Energy Transformation
NOG Energy Week 2025, themed 'Accelerating Global Energy Progress Through Investment, Partnerships&Innovation', is scheduled from 29 June - 3 July 2025, at the Abuja International Conference Centre (ICC) in Nigeria, and convenes industry leaders, policymakers, and innovators to discuss and strategise on sustaining this growth trajectory. The conference will explore how strategic investments, robust partnerships, and cutting-edge technologies can further enhance Africa's energy landscape. NOG Energy Week 2025 will also spotlight strategies to attract and increase investments in Africa's upstream sector, emphasising the importance of creating a competitive and resilient investment climate. Sessions will highlight how indigenous operators and national oil companies are enhancing asset performance and production output through targeted investments and innovative practices. Nigeria's energy sector is undergoing a transformative era, characterised by a surge in investments and a strategic focus on technological advancements and increased production. In 2024 alone, the sector attracted approximately $6.7 billion in investments, with $5.5 billion directed towards oil and gas initiatives. Notably, Shell Nigeria Exploration and Production Company's $5 billion investment in the Bonga North Deep Offshore Project is set to boost the nation's oil production capacity by approximately 110,000 barrels per day. Recognising the critical importance of a diversified energy mix for Nigeria's sustainable future, NOG Energy Week 2025 will include dedicated sessions on the integration of renewable energy sources alongside traditional oil and gas operations. These discussions aim to position Nigeria at the forefront of the global energy transition while maintaining energy security and economic growth. Speaking to why the event has included these key topics in the programme, Wemimo Oyelana, Country Director – Nigeria&Portfolio Director – Africa for dmg Nigeria events, emphasised, ''As Nigeria navigates an evolving global energy landscape, technology and investment will support increased production and long-term competitiveness. In this era of rapid technological advancement and shifting market dynamics, Nigeria must harness innovative solutions and strategic capital deployment to unlock its full energy potential. NOG Energy Week 2025 provides a vital platform where industry leaders, government policymakers, investors, and technology experts can come together to exchange insights, foster collaboration, and align their efforts toward a common goal. This conference not only facilitates dialogue but also drives actionable strategies that will enable Nigeria to expand its production capacity sustainably, attract critical investments, and strengthen its position as a key player in the global energy arena.'' Complementing the strategic discussions, the Technical Seminar, themed 'Innovating Today's Technology for Tomorrow's Energy Needs', will showcase practical breakthroughs, from Artificial Intelligence (AI) powered reservoir diagnostics to smart grid integration and modular refinery technologies, providing professionals with actionable insights into the tools transforming the industry. With over 7,000 attendees, 350 exhibitors, and representation from 85 countries, NOG Energy Week 2025 reaffirms its position as Sub-Saharan Africa's leading energy gathering, a meeting ground for deal-making, innovation, and sustainable development. Distributed by APO Group on behalf of dmg Nigeria events.
Zawya
2 hours ago
- Zawya
Africa Finance Corporation (AFC) Champions Shift of $4 Trillion in Domestic Savings into Africa's Infrastructure Transformation
Clarion call for scaling electricity generation and transmission to drive structural economic transformation Installed power capacity per capita stagnated in Africa vs. doubling in India since 2008 Africa's railway expansion is gaining speed with 7,000 km of new track investments poised to double growth in the next decade Africa's rising supply of strategic resources such as iron ore requires a unified continental approach to integrate production, processing and demand centres for steel Africa Finance Corporation (AFC) ( the continent's leading infrastructure solutions provider, today publishes the most comprehensive and up-to-date picture of Africa's investable capital landscape—revealing over $4 trillion of domestic savings in banking assets, institutional funds and reserves. Download report: The research in the 2025 edition of the State of Africa's Infrastructure (SAI) Report underscores AFC's conviction in the capacity for African-led investment as the foundation for scaling provision of power, transportation and industrialisation across the continent. Specifically, the SAI Report provides a conservative estimate of over $1.1 trillion in long-term institutional capital from pensions, insurance, sovereign wealth funds, and public development banks, along with $2.5 trillion in commercial banking assets and over $470 billion in central bank reserves. Despite the scale of these resources, most investments are allocated to low-risk and short-term instruments rather than being channelled into the real economy. AFC's report calls for targeted policy reforms, financial innovation, increased use of risk-mitigation tools, and the creation of financial structures—such as pooled funds or investment platforms—to reposition African institutions at the heart of the continent's infrastructure transformation. Thinking Bigger As part of the process of identifying investment opportunities, the SAI Report seeks to shift Africa's energy narrative—from small-scale access to large-scale, interconnected power systems capable of driving industrialisation, digital sovereignty, and climate resilience. Under-investment in African energy is stark. In 2024, Africa added just 6.5 GW of grid-connected capacity from all sources—compared to over 18 GW from renewables alone in India. Installed power generation per person has stagnated in Africa while more than doubling in India since 2008, highlighting the widening gap in energy access and industrial potential. The report further advocates for regional grid integration and private sector participation in electricity transmission, noting that Africa—in contrast to other developing regions—has yet to see a single independent transmission project. AFC identifies Angola, DRC, Tanzania, and Mauritania as key interconnector markets that could enable countries with excess generation capacity to supply power to those facing deficits—linking multiple power pools and balancing electricity flows across borders. Rail Renaissance In contrast to the under-investment in energy, the SAI Report spotlights the emergence of a new rail infrastructure cycle, signaling renewed momentum across Africa's transport landscape. From east to west and southern Africa, a growing pipeline of railway projects—public and private—is reversing decades of neglect and disrepair. Under-construction and planned lines total over 7,000 km, potentially doubling the pace of rail expansion in the decade ahead. To showcase this renaissance, AFC has launched the first-ever Digital Map of African Railways ( dynamic, interactive platform that provides real-time insights into the continent's rail corridors. The tool aims to enhance project visibility, foster investor interest, and support coordination along key transport and trade corridors. Industrial Value Chains The report further identifies steel, fertilizers and oil refining as Africa's three most important strategic industrial inputs—currently dominated by some $300bn of annual imports but ripe for domestic value addition. As a result of local production shortfalls, Africa currently consumes just 24 kg of steel per capita, compared to a global average of 219 kg, and 23 kg of fertilizer per hectare, versus 140 globally. Notably, the ore-to-steel supply chain represents a major untapped industrial opportunity—but realising its potential will require connecting expanding iron ore supply centres in West Africa with processing hubs and growing consumption markets across the continent. AFC calls for coordinated investment in energy, transport, and logistics to unlock competitiveness in these sectors and anchor regional production hubs. Commenting on the findings, Samaila Zubairu, President&CEO of Africa Finance Corporation, said: 'This report provides a practical roadmap for how Africa can channel its significant financial strength into the infrastructure needed to drive industrial transformation—from scaling electricity supply to revitalising rail and building up strategic industries like steel and fertilisers. The tools exist. The capital is available. What's needed now is coordinated action to unlock it.' Distributed by APO Group on behalf of Africa Finance Corporation (AFC). Media contact: communications@ For comments and input on the report: research@ About AFC: AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC's approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa's infrastructure development needs and drive sustainable economic growth. Eighteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 45 member countries and has invested over US$15 billion in 36 African countries since its inception.
Zawya
5 hours ago
- Zawya
Asian companies in talks to list in Saudi Arabia, exchange CEO says
Several Asian companies are in talks to list in Saudi Arabia as the kingdom considers a new listing regime to pave the way for share sales of foreign issuers, the chief executive of the Saudi bourse told Reuters. Conversations are underway with Asian companies that are evaluating opportunities to tap into Saudi Arabia's deep and increasingly diverse investor base, stock exchange CEO Mohammed Al-Rumaih said in an email interview on Wednesday. "We're seeing growing momentum around cross-border capital market activity, and Asia is a natural partner in this regard," Al-Rumaih said, without providing further details on issuers. He said that as of last month, around 15% of the international investors in Saudi Arabia's qualified foreign investor program were Asian, demonstrating Asia's rising investment appetite. Riyadh's Capital Market Authority last month concluded a consultation on a set of draft rules governing the offering and listing of different classes of shares. The move is "a step toward enabling more flexibility in listings, including new share classes and structures, aligning with the evolving needs of issuers and investors", Al-Rumaih said. "Initiatives like these help lay the groundwork for cross-border participation and innovation." Hong Kong and Saudi Arabia are looking into allowing more cross-border financial products, regulators from both markets said last week. "Hong Kong and mainland China are increasingly important partners for Saudi Arabia's capital market journey," Al-Rumaih said. He cited opportunities to deepen the ties by facilitating more cross-listed products, environmental, social and governance-linked instruments, and enhancing investor access in both directions. "The growing energy cooperation between Riyadh and Beijing adds further momentum, enabling financial products and capital market flows that align with shared strategic priorities across both economies," Al-Rumaih said. The Saudi stock exchange has seen 15 initial public offerings (IPOs) raising over $1 billion so far this year, a nearly 30% increase over the same period last year. (Reporting by Selena Li; editing by Mark Heinrich)
