{"id":557794,"date":"2021-09-02T13:17:21","date_gmt":"2021-09-02T13:17:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/02\/tonight-sodic-to-purchase-123-acre-plot-in-zayed-idh-earnings-pop-also-egypt-ratifies-membership-in-eastmed-gas-forum\/"},"modified":"2021-09-02T13:17:21","modified_gmt":"2021-09-02T13:17:21","slug":"tonight-sodic-to-purchase-123-acre-plot-in-zayed-idh-earnings-pop-also-egypt-ratifies-membership-in-eastmed-gas-forum","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/02\/tonight-sodic-to-purchase-123-acre-plot-in-zayed-idh-earnings-pop-also-egypt-ratifies-membership-in-eastmed-gas-forum\/","title":{"rendered":"TONIGHT: Sodic to purchase 123-acre plot in Zayed. + IDH earnings pop. ALSO: Egypt ratifies membership in EastMed Gas Forum."},"content":{"rendered":"

Well, wonderful people, we\u2019ve made it through another week together \u2014 and not a <\/strong>moment too soon. <\/strong>We\u2019re heading into the last weekend of summer and hope you enjoy every minute of it.<\/p>\n

<\/a> THE BIG STORIES TODAY-<\/strong><\/p>\n

#1- Upmarket real estate developer SODIC will purchase a 123-acre plot in Sheikh Zayed<\/strong> City adjacent to its \u201cThe Estates\u201d project<\/strong> at EGP 2,385 per sqm, the company said in a statement today (pdf)<\/a>. The new plot is expected to add circa EGP 10 bn of gross contracted sales to the projects pipeline over the next six years, the firm said. The move comes as SODIC expects to soon resume<\/a> both collection and new sales on a 500-acre plot in West Cairo\u2019s New Zayed after the Housing Ministry proposed moving the development to a new location.<\/p>\n

#2- IDH\u2019s earnings pop: <\/strong>LSE- and EGX-listed consumer healthcare giant Integrated Diagnostics Holdings reported a 283% y-o-y growth in net profit for 1H2021 in its earnings release (pdf)<\/a>. Net profit grew to EGP 668 mn in the first six months of the year, while its revenues rose 141% y-o-y for the period to EGP 2.3 bn.<\/p>\n

#3- President Abdel Fattah El Sisi has ratified Egypt\u2019s membership in the East<\/strong> Mediterranean Gas Forum,<\/strong> Youm7 reports<\/a>, citing the Official Gazette. The Cairo-based forum aims to serve as a platform<\/a>for regional natgas players to develop resources and infrastructure, cooperate on exploration, and regulate the region's natgas policies. Egypt, Cyprus, Greece, Israel, Italy, Jordan and Palestine are all founding members. France later joined as a member while the US is taking part as an observer.<\/p>\n

^^ We\u2019ll have chapter and verse on all three stories in Sunday\u2019s edition of EnterpriseAM.<\/strong><\/p>\n

HAPPENING NOW- <\/strong>Egypt is in talks with Palestine and Jordan in a bid to kickstart the <\/strong>Palestine-Israel peace process. <\/strong>Jordan\u2019s King Abdullah touched down in Cairo<\/a> today while President Abdel Fattah El Sisi sat down with his Palestinian counterpart Mahmoud Abbas this morning. El Sisi reiterated Egypt\u2019s support for talks that will lead to a political settlement, according to an Ittihadiya statement<\/a>. Abbas thanked Egypt for brokering the ceasefire<\/a> back in May and the subsequent Gaza reconstruction drive<\/a>.<\/p>\n

MEANWHILE- The EGX30 closed up for the week <\/strong>and is now +4.2% YTD. Small beans, but we\u2019ll take it. We have the latest in Go with the Flow, below.<\/p>\n

** CATCH UP QUICK <\/strong>on the top stories from today\u2019s EnterpriseAM:<\/p>\n