{"id":553181,"date":"2022-10-25T13:23:18","date_gmt":"2022-10-25T13:23:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/25\/this-evening-sodic-bids-for-orascom-for-real-estate-state-ownership-policy-document-coming-in-weeks-madbouly-says\/"},"modified":"2022-10-25T13:23:18","modified_gmt":"2022-10-25T13:23:18","slug":"this-evening-sodic-bids-for-orascom-for-real-estate-state-ownership-policy-document-coming-in-weeks-madbouly-says","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/25\/this-evening-sodic-bids-for-orascom-for-real-estate-state-ownership-policy-document-coming-in-weeks-madbouly-says\/","title":{"rendered":"THIS EVENING: SODIC bids for Orascom for Real Estate + State ownership policy document coming in \u201cweeks,\u201d Madbouly says"},"content":{"rendered":"<p><strong>Happy hump day, wonderful people, and what a news dump day it is.<\/strong> There\u2019s a little bit of everything happening this afternoon on the local and international front, making for an altogether interesting news cycle.<\/p>\n<p><strong>BUT FIRST- WhatsApp is back up after a global outage<\/strong> that lasted more than an hour, preventing many of us from sending or receiving messages, and forcing us to make phone calls and speak to humans.\u201cWe\u2019ve fixed the issue and apologize for any inconvenience,\u201d a spokeswoman for the messaging service told the <a href=\"https:\/\/www.wsj.com\/articles\/whatsapp-suffers-global-outage-company-says-11666687366?mod=hp_lead_pos11\">Wall Street Journal,<\/a> without saying what caused the outage.<\/p>\n<p><strong>THE BIG STORIES TODAY<\/strong><\/p>\n<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>#1- Upmarket real estate developer <\/strong><strong>SODIC submitted a preliminary EGP 2.46 bn non-binding<\/strong><strong> offer to acquire 100% of Orascom for Real Estate (ORE) <\/strong>\u2014 a subsidiary of Orascom Development Egypt (ODE), according to a <a href=\"https:\/\/ent.news\/2022\/10\/ODE-NBO.pdf\">disclosure to the bourse (pdf)<\/a>. ODE granted SODIC exclusivity to kick off the due diligence process. ODE is currently considering the offer, sources in the know told Enterprise, but declined to comment further. Our friends at EFG Hermes are the sole sell-side financial advisor on the transaction.<\/p>\n<p><strong>#2- The state ownership policy document will be finalized within weeks<\/strong>, before heading to the cabinet to be reviewed for final approval, Prime Minister Moustafa Madbouly said during the final day of the Egypt Economic Conference 2022. The document, which was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/70f19a6a-1e2d-46ee-89d4-46147344af7f\">being discussed yesterday<\/a>, was expected to be unveiled during the conference.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><strong>Rishi Sunak\u2019s appointment as the UK\u2019s new prime minister is leading the conversation in<\/strong><strong> the international business press<\/strong> this afternoon. The former hedge fund manager and UK chancellor takes over the position from Liz Truss, whose economic policy \u201cmistakes\u201d he vowed to fix in a speech today. The GBP rallied on Sunak\u2019s appointment, rising 0.4% against the USD, while gilt yields continued to fall. The story is on the front pages of the <a href=\"https:\/\/www.ft.com\/content\/465f2031-84ba-4faa-9f46-c3265166d973\">Financial Times<\/a>, the <a href=\"https:\/\/www.wsj.com\/articles\/rishi-sunak-takes-over-as-u-k-prime-minister-amid-growing-economic-and-political-crisis-11666698079?mod=hp_lead_pos1\">Wall Street Journal<\/a>, <a href=\"https:\/\/www.reuters.com\/world\/uk\/sunak-faces-daunting-task-he-becomes-uk-prime-minister-2022-10-25\/\">Reuters<\/a>, and <a href=\"https:\/\/www.cnbc.com\/2022\/10\/25\/rishi-sunak-set-to-become-uk-pm-after-meeting-king-charles-.html\">CNBC<\/a>.<\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Day two of the Egypt Economic Conference 2022 <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/70f19a6a-1e2d-46ee-89d4-46147344af7f\">saw discussions<\/a><\/strong><strong> on all things privatization and industry<\/strong>, from the state ownership policy document, to financing avenues for the private sector, and the Sovereign Fund of Egypt\u2019s role in boosting private sector involvement.<\/li>\n<li><strong>PIF now owns a slice of EIPICO: <\/strong>Saudi Arabia\u2019s sovereign wealth fund <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfa56241-8a86-4457-8bac-4ad26d1405e5\">is strengthening its position<\/a> in Egypt\u2019s pharma sector, acquiring a 4.7% stake in EGX-listed Egyptian Pharma Company.<\/li>\n<li><strong>We could see more private sector players taking to the nation\u2019s rivers after the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9531f3f8-a3f7-4914-a02f-8e12237fab6e\">House gave preliminary approval<\/a><\/strong><strong> to amendments<\/strong> modernizing a 1956 law regulating river transport.<\/li>\n<\/ul>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>FOR TOMORROW-<\/strong><\/p>\n<p><strong>Egypt and the UAE will <\/strong><strong><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0gKn5z3nuZiF3rVVxhgVD5AaDXHkH4X4bj7L1b3cvYGKcbV5u98c99ivMradBERDgl\">host a three-day gathering<\/a><\/strong><strong> starting tomorrow to mark 50 years of <\/strong><strong>bilateral ties.<\/strong> Day one is an economic forum featuring ministers, senior officials and business leaders from the two countries.<\/p>\n<p><strong>Enroot Development is hosting a conference titled <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/436637188402429\/\">Empowering the South: Green<\/a><\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/436637188402429\/\">Economies and Climate Resilience<\/a><\/strong> tomorrow at the Greek Campus. Speakers at the conference include former deputy prime minister Ziad Bahaa El Din, UN High-level Climate Champion for Egypt Mahmoud Mohieldin, and International Cooperation Minister Rania Al Mashat. You can <a href=\"https:\/\/forms.gle\/1dfEn9TaQFP7UqRD6\">register for the event here<\/a>.<\/p>\n<p><strong><img decoding=\"async\" draggable=\"false\" role=\"img\" class=\"emoji\" alt=\"?\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/1f5d3.svg\"> CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>An IMF delegation <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/548df8a6-46d5-4604-89fe-ceac80080b93\">will land in Cairo<\/a><\/strong><strong> in the first week of November to continue loan talks<\/strong>, Jihad Azour, the IMF\u2019s director for the Middle East and Central Asia, said earlier this week.<\/p>\n<p><strong><a href=\"https:\/\/cairoict.com\/\">Cairo ICT<\/a><\/strong><strong> kicks off on Sunday 27 November at the Egypt International Exhibition Center. <\/strong>The expo wraps up Wednesday, 30 November. You can <a href=\"https:\/\/cairoict.com\/visitor-registration\/\">register here<\/a>.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p><img decoding=\"async\" draggable=\"false\" role=\"img\" class=\"emoji\" alt=\"\u26c5\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/26c5.svg\"> <strong>TOMORROW\u2019S WEATHER- <\/strong>Today\u2019s rains will give way to a sunnier day \u2014 albeit with intermittent cloudiness \u2014 tomorrow in the capital city. The daytime high will be 27\u00b0C and the nighttime low will be 19\u00b0C, our favorite weather app says.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Happy hump day, wonderful people, and what a news dump day it is. There\u2019s a little bit of everything happening this afternoon on the local and international front, making for an altogether interesting news cycle. BUT FIRST- WhatsApp is back up after a global outage that lasted more than an hour, preventing many of us [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[633,7128,2925,312,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-553181","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-enterprisepm","tag-ma-watch","tag-orascom-for-real-estate","tag-sodic","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"2c164ef5-c58d-4319-9ebb-4a5a93d68d84","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[553179],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: SODIC bids for Orascom for Real Estate + State ownership policy document coming in \u201cweeks,\u201d Madbouly says - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/25\/this-evening-sodic-bids-for-orascom-for-real-estate-state-ownership-policy-document-coming-in-weeks-madbouly-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: SODIC bids for Orascom for Real Estate + State ownership policy document coming in \u201cweeks,\u201d Madbouly says\" \/>\n<meta property=\"og:description\" content=\"Happy hump day, wonderful people, and what a news dump day it is. 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There\u2019s a little bit of everything happening this afternoon on the local and international front, making for an altogether interesting news cycle. 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The increase came on a 275% y-o-y increase in revenues \u201creflecting the ramp up in delivered units. Revenues were bolstered by deliveries in Eastown Residences and Westown Residences that combined\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":550399,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/26\/sodic-offers-to-buy-o-west-developer-ore-for-egp-2-46-bn\/","url_meta":{"origin":553181,"position":2},"title":"SODIC offers to buy O West developer ORE for EGP 2.46 bn","author":"enterpriseam admin","date":"26 October 2022","format":false,"excerpt":"SODIC is making a bid to acquire Orascom for Real Estate (ORE). The upmarket real estate developer has submitted a preliminary, non-binding offer to acquire 100% of Orascom Development Egypt (ODE) subsidiary Orascom for Real Estate (ORE), the companies said in separate exchange filings (here, pdf | here, pdf) yesterday.SODIC\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/335.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":624317,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/sodic-mnhd-merger-could-be-finalized-this-year-says-b-investments-alaa-sabaa\/","url_meta":{"origin":553181,"position":3},"title":"SODIC-MNHD merger could be finalized this year, says B Investments\u2019 Alaa Sabaa","author":"enterpriseam admin","date":"5 September 2018","format":false,"excerpt":"** #5 M&A WATCH- SODIC-MNHD merger could be finalized this year, says B Investments\u2019 Alaa Sabaa: The potential merger between leading real estate players SODIC and Madinet Nasr Housing and Development (MNHD) could be finalized before the year is out, B Investments founding partner Alaa Sabaa tells Al Mal. Talks\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":603111,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/15\/sodic-launches-and-sells-allegria-residence\/","url_meta":{"origin":553181,"position":4},"title":"SODIC launches and sells \u201cAllegria Residence\u201d","author":"enterpriseam admin","date":"15 April 2019","format":false,"excerpt":"Real estate developer SODIC has launched its upscale apartment complex \u201cAllegria Residence,\u201d achieving EGP 500 million in booked sales, the company said in a press release (pdf). SODIC launched the first phase of the project last month, which includes 83 apartments, and \u201cwas met with unparalleled demand.\u201d Allegria Residence\u2019s \u201cstrong\u2026","rel":"","context":"In &quot;Real Estate + Housing&quot;","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621416,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/07\/sodic-sets-up-shop-in-new-cairo\/","url_meta":{"origin":553181,"position":5},"title":"SODIC sets up shop in New Cairo","author":"enterpriseam admin","date":"7 November 2018","format":false,"excerpt":"Our friends at SODIC have established a new sales office on Road 90 in East Cairo, according to a company press release (pdf). 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