Words: Ashley Rigg
Published: 7th October 2009
Egyptian developer looks abroad for opportunities
Egypt's residential property developer, Sixth of October Development and Investment (SODIC) is looking to expand overseas, and is eyeing Saudi Arabia in particular to tap into the Kingdoms strong demand for real estate.
Ahmed Badrawi, the firm's chief business development officer told Reuters at the Cityscape property exhibition that the main focus in 2009 was completing their mixed use projects in Egypt but would look abroad towards the end of 2010.
"Of all the markets we are looking at, Saudi looks the most interesting. Saudi shows the same trends seen in Egypt" he said.
The company will launch two mixed-use projects in Cairo in December which are running approximately 12 months behind schedule.
Full story on Reuters
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