Aldar Properties – based in Abu Dhabi- is halfway through its process on an offer to buy a majority stake in Egypt’s Sixth of October for Development & Investment (SODIC). Earlier this year, Aldar submitted an introductory non-binding offer to buy a minimum of 51 percent stake in Sodic . The deal values the Egyptian company at about $420m. Aldar has been looking to expand abroad as it faces limited growth prospects in the United Arab Emirates. It is also looking for additional opportunities in Egypt, the Arab world’s most populous country.
The offer for the Egyptian developer, known as Sodic, is but one of several opportunities Aldar Properties is looking at in Egypt. The Non-Egyptian developer thinks it’s one of the most lucrative and attractive real estate markets in the Middle East.
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