Egypt's SODIC offers to buy Orascom Real Estate for $125 million
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Loading... - Beatrice Serra
- 07 Nov 2022
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Abu Dhabi's Aldar Properties and state holding company ADQ bought a controlling stake in SODIC late last year, and the purchase of Orascom Real Estate would further expand their Egyptian real estate business
Egyptian property developer SODIC (OCDI.CA) has offered to buy Orascom Real Estate for $125 million, the residential compound builder's parent company Orascom Development Egypt (ORHD.CA) said on Tuesday.
Abu Dhabi's Aldar Properties and state holding company ADQ bought a controlling ADQ bought a controlling stake in SODIC late last year, and the purchase of Orascom Real Estate would further expand their Egyptian real estate business.
The offer comes as Egypt has sought to attract billions of dollars in investment from the Gulf while it struggles with the financial impact of the war in Ukraine, such as soaring commodities costs. Read More..
