Cairo – Mubasher: Aldar Properties-backed Six of October Development and Investment (SODIC) plans to expand the Nobu brand in Egypt, according to a press release.
SODIC will establish two hotels, branded residences, and a restaurant across two of its developments in West Cairo and on the North Coast.
Talal Al Dhiyebi, Group CEO of Aldar Properties and Chairman of SODIC, said: “The expansion of SODIC’s luxury property development portfolio underscores the demand for new real estate concepts in prime locations in Egypt and Aldar’s belief in the long-term growth potential of the market.”
“We are confident that these developments will not only solidify SODIC's market-leading position but also cater to the increasing demand for distinctive and high-end properties we are witnessing across the growing West Cairo and North Coast markets,” Al Dhiyebi mentioned.
Residents will enjoy close proximity to landmark attractions including the Pyramids, the Great Sphinx, and the Grand Egyptian Museum (GEM), which is scheduled to open later this year.
During the first half (H1) of 2023, SODIC achieved revenues amounting to AED 335 million (EGP 2.70 billion), while the development sales hit AED 976 million (EGP 8.20 billion).
The EGX-listed firm generated EGP 341.71 million in consolidated net profit after tax as of 30 June 2023, an annual surge from EGP 295.71 million, including minority shareholders' rights.
Meanwhile, the net profits attributable to the owners of Aldar increased to AED 1.92 billion in H1-23 from AED 1.47 billion in H1-22.
