Latest news with #SODIC
Zawya
13-05-2025
- Business
- Zawya
Egypt: SODIC inks revenue share agreement with Rula for Land Reclamation
Arab Finance: Sixth of October for Development and Investment Co. (SODIC) has signed a revenue share agreement with Rula for Land Reclamation for the development of a 1,000-feddan plot in New Sphinx City, located in West Cairo, as per a disclosure. The project, once completed, is expected to generate over EGP 353 billion in sales. Under the terms of the agreement, Rula for Land Reclamation will receive a 21% share of the project's revenues, while SODIC will retain the remaining 79%. This new agreement significantly expands SODIC's land holdings, doubling the company's undeveloped land bank from 4 million square meters to over 8 million square meters. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
13-05-2025
- Business
- Zawya
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.
Daily News Egypt
13-05-2025
- Business
- Daily News Egypt
SODIC signs revenue-sharing agreement to develop 1,000 feddans in New Sphinx City
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.
Zawya
12-05-2025
- Business
- Zawya
SODIC signs revenue share agreement to develop 1,000 feddans in West Cairo
Cairo, Egypt: Sixth of October for Development and Investment Company "SODIC", has signed a revenue share agreement with Rula for Land Reclamation for the development of a 1,000 feddan land plot in New Sphinx City, West Cairo. The newly acquired plot is strategically located at Km 54 in New Sphinx City, a mere 15 minutes away from SODIC West, the company's flagship mixed-use development in West Cairo. The project intended to be developed on the plot is expected to generate over EGP 353 billion in sales. The signed agreement grants Rula a 21% share of the project's revenues, while the balance represents SODIC's share. The signing ceremony was attended by Eng. Ayman Amer, SODIC's General Manager, Eng. Tony Freiji, Chairman of Rula for Land Reclamation (Friji & Partners), along with senior executives from both companies. Ayman Amer, SODIC's General Manager, commented on the signing: 'Today's signing marks an important milestone for SODIC. 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.
Zawya
07-05-2025
- Business
- Zawya
CIB Egypt extends $48mln bridge loan to SODIC for North Coast ‘June' project
Egypt - Commercial International Bank (CIB) Egypt has signed an EGP 2.45bn bridge loan agreement with Sixth of October Development and Investment Company (SODIC), a leading real estate developer in Egypt. The facility is designated to finance construction work on SODIC's flagship 'June' project, located in the prime Ras El Hekma area along Egypt's North Coast. This bridge loan constitutes the initial phase of the project's broader financing strategy, which will include a full funding model to support development costs and related expenditures. The goal is to fast-track project implementation, with unit handovers expected to begin in the second half of 2025. Spanning 280 feddans, 'June' is a high-end coastal development that will feature a mix of residential villas, hotel-serviced apartments, a seafront promenade, and a beach club. The project will also host a Tribute Portfolio hotel, a brand under Marriott International, reinforcing its appeal as a luxury destination. Amr El Ganainy, Deputy CEO and Executive Board Member of CIB, stated: 'We are proud to collaborate with SODIC, one of Egypt's foremost real estate developers. This bridge loan represents the first step in financing the June project, and aligns with our strategic focus on supporting high-caliber real estate initiatives. Our partnership with SODIC reflects a shared commitment to delivering quality developments that contribute to the sector's growth.' Ayman Amer, General Manager of SODIC, commented: 'This facility agreement with CIB, one of Egypt's most prominent financial institutions, underscores our strong financial fundamentals and the trust we've cultivated with our banking partners. It also affirms SODIC's credibility in meeting its commitments. We look forward to continued cooperation with CIB as we expand our footprint and drive future growth.' The collaboration between CIB and SODIC is expected to play a key role in shaping the next phase of high-end real estate development on Egypt's North Coast, particularly in the fast-rising Ras El Hekma area, which has seen significant investor interest.
