SODIC is looking to expand its land bank: SODIC is looking to buy EGP 600 mn worth of land in north and west Cairo, Managing Director Magued Sherif told Ehab Farouk of Reuters’ Arabic service. Sherif says SODIC, which is already working on 10 residential projects, is finalising the processes to register 300 feddans of land in west Cairo to be developed for residential purposes in 2018. The company controls a land bank of 5.3 mn sqm in total and is hoping to find suitable plots in Ain Sokhna or by the Red Sea. Sherif says SODIC invested EGP 445 mn in 1Q2017 out of a planned EGP 3 bn for the whole year and that the company will be looking to secure an EGP 500 mn credit facility before the end of 3Q2017 to finance expansions. He also said SODIC is considering issuing dividends.

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