SODIC enters hospitality sector in Egypt

Daily News Egypt
3 Min Read

SODIC, a leading real estate developer in Egypt, is venturing into the hospitality sector by partnering with Nobu Global, one of the world’s largest hospitality brands. Nobu Global will manage two hotels for SODIC, one in the North Coast and one in West Cairo. SODIC will also develop two more hotels in the same regions, one in West Cairo with 169 rooms and one in the June project on the North Coast with 128 rooms. This will bring the total number of hotel units owned by SODIC to 500.

Ayman Amer, the General Manager of SODIC, said that the company plans to allocate about EGP 10bn for contracting works for its projects in 2024, compared to EGP 6bn in 2023.

Amer added that SODIC’s land bank for the projects under development is about 1,700 feddan, including 750 feddan in the North Coast, 500 feddans in West Cairo, and 450 feddan in East Cairo.

He noted that despite having a large land bank, the company is always looking for and evaluating new lands to add to its current portfolio of projects in new cities, with a minimum area of 400 feddans.

The company secured its supply of building materials by purchasing EGP 2bn worth of materials in 2023, enough for its projects until the end of 2024, according to Amer.

He revealed that SODIC achieved EGP 30bn in sales in 2023, a 40% increase from the previous year.

He disclosed that 205 units have been delivered in The Estates project in New Sheikh Zayed City since November 2023. He said that the project covers 630,000 sqm and includes 446 units, with 2,751 sqm of commercial space.

The company is developing the VYE project in New Sheikh Zayed City, in collaboration with the New Urban Communities Authority, which is affiliated with the Ministry of Housing, Utilities, and Urban Communities. The VYE project spans 464 feddan and has more than 5,000 units, Amer explained.

He concluded: “SODIC aims to deliver around 1,991 units between 2025 and 2026, with the first phases of the project starting in the second quarter of 2025.”

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