SODIC allocates over EGP 10 bn to accelerate its projects this year: Upmarket real estate developer SODIC has allocated some EGP 10 bn to accelerate the completion of its projects this year, Asharq Business reports. This reflects a 66% from the funds allocated for construction projects last year.

The firm will also reopen sales of its units in many of its developments in the coming days, after having suspended its sales in November due to instability in the real estate market complicating the pricing of units, SODIC General Manager Ayman Amer told the outlet.

This could signal a major shift in the developers’ sentiments on the market: The rate of price increases of building materials began to decline following the government’s announcement of the Ras El Hekma agreement last Friday, according to Asharq Business. SODIC, like many other real estate developers, had been hedging against price fluctuations by purchasing raw materials in bulk, spending a total of EGP 2 bn for its needs in 2024, Amer said.

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