CAIRO Feb 11 Egyptian property developer
SODIC's sales revenues were 2.7 billion Egyptian
pounds ($388 million) in 2013, up 69 percent from the previous
year, managing director Ahmed Badrawi said.
SODIC, one of Egypt's biggest real estate companies,
invested around 900 million pounds last year and aims to invest
at least the same amount this year, Badrawi said on the
sidelines of an investment event on Tuesday.
This would depend on reaching a final settlement with the
government on its Eastown scheme in New Cairo, a development of
offices, shops and homes twice the size of London's 97-acre
Canary Wharf district.
The company had a long legal dispute over the project with
the government, which sought to revoke SODIC's rights over its
east Cairo tract because of delays in development. SODIC won a
court case and kept the land but some administrative procedures
are still pending.
SODIC's nine-month net profit fell almost 40 percent year on
year to about 80 million pounds in the first nine months of
2013, the company said in November.
($1 = 6.9613 Egyptian pounds)
(Reporting by Ehab Farouk; Writing by Shadia Nasralla; Editing
by Anthony Barker)