Magued Sherif discusses strategy and targets with Al Mal

SODIC’s strategy rests on building communities in urban areas recently slated for development, helping further the development goals of the government, CEO Magued Sherif told Al Mal in an interview. To that end, the company is targeting the acquisition of some 650 feddans before the end of the year, including 300 feddans of land on the North Coast to co-develop with existing landowners. The company is also eyeing new land in Sheikh Zayed, Sherif tells the newspaper. We had previously noted that SODIC has earmarked EGP 750 mn for new land purchases in 2H2017. Sherif noted that SODIC’s strong liquidity position supports its plan to grow its 5 mn sqm land bank. EGP 1.5 bn of the EGP 3.3 bn it has in reserves have been spent so far, he said.