Abu-Dhabi backed Aldar Properties PJSC is approximately in the middle to crack open touching halfway journey through to a due diligence procedure on an excellent offer, one of its kind to procure a stake out within the Egypt’s Sixth of October for Development & Investment Co. and is also exploring additional prospects within the Arab League’s most populous nation.
The Chief Executive officer of the firm Talal Al Dhiyebi, has stated that: “The offer for the Egyptian property developer, known as Sodic, “is one of a number of opportunities we are looking at in Egypt. We think it’s one of the most lucrative and attractive real estate markets.”
He further elaborated and added that: “Aldar may invest between $1 billion to $1.5 billion in the succeeding 12- to 18 months on procurements abroad and at home. It’s also expanding and sorting out to diversify the business within the realms of its education and property management dealings.”
Aldar may sell bonds in the next three to six months if it finalises some acquisition opportunities, Al Dhiyebi further stated out. Prior this year, Aldar – Abu Dhabi’s major developer – proposed out a pilot non-binding offer to procure out a minimum 51 percent stake in Sodic in an agreement that values the Egyptian establishment at about $420 million.
Aldar has been surveying to develop abroad as it confronts out a restricted progression prospects in the United Arab Emirates.