{"id":589097,"date":"2023-06-21T00:00:00","date_gmt":"2023-06-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/21\/sodic-to-double-construction-capex-to-egp-6-bn-this-year\/"},"modified":"2023-06-21T00:00:00","modified_gmt":"2023-06-21T00:00:00","slug":"sodic-to-double-construction-capex-to-egp-6-bn-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/21\/sodic-to-double-construction-capex-to-egp-6-bn-this-year\/","title":{"rendered":"SODIC to double construction capex to EGP 6 bn this year"},"content":{"rendered":"

INVESTMENT-<\/span><\/p>\n

<\/span>SODIC to double constr<\/span>uction capex this year:<\/span> Leading real estate developer <\/span>SODIC <\/span>plans to spend EGP 6 bn on construction during 2023, <\/span>Al Shorouk<\/a><\/span> reports, citing an interview with the company\u2019s general manager, Ayman Amer. This is almost double the EGP 3.12 bn spent in 2022. Construction capex in the first quarter of the year increased to EGP 861 mn from EGP 634 mn in the same period in 2022, according to the company\u2019s latest <\/span>earnings release (pdf)<\/a><\/span>.<\/span><\/p>\n

It\u2019s eyeing fresh land acquisitions:<\/span> The company intends to purchase more than 300 acres of land on the North Coast and new plots in east and west Cairo, according to the newspaper. The expansion follows the company\u2019s down payment on 180 acres of land south of its North Coast project Caesar <\/span>last month<\/a><\/span>.<\/span><\/p>\n

And will study real estate developers up for privatization:<\/span> \u201cWe are waiting for the government to announce real estate companies within the state privatization program, and will participate if the shareholders want,\u201d the newspaper quoted Amer as saying. Four state-owned real estate companies were among the <\/span>32 names<\/a><\/span> announced by the prime minister earlier this year: El Nasr Housing and Development, Maadi for Development and Construction, El Mostakbal For Urban Development and Salhia Investment and Development Co.<\/span><\/p>\n

STARTUPS-<\/span><\/p>\n

Acasia invests in UK-based, Egyptian-run med tech: <\/span>VC outfit <\/span>Acasia Angels <\/span>participated in a USD 750k seed round for London-based medical device startup <\/span>Precision Cardiovascular<\/a><\/span>, Acasia said in a <\/span>press re<\/a><\/span>lease (pdf)<\/a><\/span>, without disclosing how much it invested. Precision is working towards developing a micro-sensor implant that can detect heart problems at an early stage. The company\u2019s CEO is Egyptian venture fund partner Mohamed Abou Alam. Heart surgeon Magdi Yacoub sits on the board of the company, which is housed in the <\/span>clinical research center<\/a><\/span> that carries his name. <\/span><\/p>\n

CAPITAL MARKETS-<\/span><\/p>\n

Bourse to launch futures exchange, shariah compliant index by 3Q <\/span>202<\/span>3: <\/span>The <\/span>EGX futures exchange could launch the third quarter of this year, <\/span>Al Borsa<\/a><\/span> and <\/span>Asharq Business<\/a><\/span>quote EGX boss Ramy El Dokany as saying. <\/span><\/p>\n

REMEMBER- <\/span>The FRA, EGX, and Misr for Central Clearing and Depository (MCDR) are working to <\/span>launch the futures exchange<\/a><\/span>. The plan is for the exchange to initially allow traders to buy and sell index <\/span>futures contracts<\/a><\/span>, before launching stock futures and stock and index options at a later date. The shariah-compliant index, meanwhile, is <\/span>set to replace<\/a><\/span> the EGX50 index. <\/span><\/p>\n

INDUSTRY-<\/span><\/p>\n

Damietta inks MoU for new freezone:<\/span> Damietta Governorate has signed an MoU with the <\/span>Italian<\/span> Finestra consortium<\/span> to establish a freezone in Damietta, the <\/span>cabinet said<\/a><\/span> yesterday. The zone will consist of 220 industrial units dedicated to manufacturing, storage, and administrative offices covering an area of more than 183 acres. The project will be divided into four phases, each consisting of 50-60 fully-equipped and operational units, the consortium\u2019s Managing Director Pasquale Russo said. The first phase is expected to launch next year, he added.<\/span><\/p>\n

MANUFACTURING-<\/span><\/p>\n

Sri Lankan clothing company to up production in<\/span> Egypt <\/span>following investment:<\/span> Sri Lanka<\/span>n clothing company <\/span>Hela<\/a><\/span> has received a USD 5 mn loan, in part to expand the company\u2019s production at its factory <\/span>in Egypt<\/span>. The ESG First Fund, a USD 250 mn investment fund jointly owned by Indian asset manager Aavishkaar Capital and German development bank KfW, will provide the financing, Aavishkaar said in <\/span>a statement (<\/a><\/span>pdf<\/a><\/span>)<\/a><\/span> Monday.<\/span><\/p>\n

FYI-<\/span> Hela more than <\/span>quadrupled<\/span> its revenues in Egypt to RS 2.6 bn in 1<\/span>Q 2023,<\/span> according to the company\u2019s <\/span>earnings presentation (pdf)<\/a><\/span>. <\/span><\/p>\n

SMEs-<\/span><\/p>\n

E-Finance on board to manage digital platform for SMEs:<\/span> The Micro, Small and M<\/span>edium Enterprises Development Agency (MSMEDA) has signed a contract with E-Finance\u2019s e-commerce subsidiary e-Aswaaq to manage and operate its online platform for SMEs, the agency said in <\/span>a statement<\/a><\/span> Sunday. The platform will launch within three months, the statement said.<\/span><\/p>\n

TOURISM-<\/span><\/p>\n

Companies invited to bid to manage Alexandria Port commercial center:<\/span> The Alexan<\/span>dria Port Authority is planning to tender a contract to manage and operate the commercial center at the port\u2019s passenger terminal to local and international companies, <\/span>Al Mal<\/a><\/span> reported Sunday. Companies have until 16 July to bid for the 10-year contract, which starts in February 2024.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

SODIC wants to purchase more than 300 acres on the North Coast<\/p>\n","protected":false},"author":1,"featured_media":589098,"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":[7209],"tags":[10712,6973,10708,111,102,339,68,72,10710,10711,7196,125,1282,145,131,10709,83,991,287,312,123,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-589097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-aavishkaar-capital","tag-acasia-angels","tag-acasia-group","tag-also-on-our-radar","tag-capital-markets","tag-e-finance","tag-egx","tag-enterpriseam","tag-finestra","tag-hela","tag-industry","tag-investment-watch","tag-kfw","tag-logistics","tag-manufacturing","tag-precision-cardiovascular","tag-real-estate","tag-sme-development-authority","tag-smes","tag-sodic","tag-startups","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"e7229efd-94fd-4fab-ae40-2289d3932746","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/1081.jpg","photo_position":"above","homepage_title":"","full_issue_title":"SODIC to double construction capex to EGP 6 bn this year. PLUS: Acasia Angels invests in med tech Precision + EGX futures exchange in 3Q 2023 + Damietta\u2019s new freezone + Hela expands in Egypt + e-Finance x MSMEDA + Alexandria Port tender","related_issue":[589072],"teaser":"SODIC wants to purchase more than 300 acres on the North Coast","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.fb6ad7ff-913c-4a6e-816a-44b47d64ced4.mp3"},"yoast_head":"\nSODIC to double construction capex to EGP 6 bn this year - 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\/2023\/06\/21\/sodic-to-double-construction-capex-to-egp-6-bn-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SODIC to double construction capex to EGP 6 bn this year\" \/>\n<meta property=\"og:description\" content=\"SODIC wants to purchase more than 300 acres on the North Coast\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/21\/sodic-to-double-construction-capex-to-egp-6-bn-this-year\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-21T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1081.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/21\/sodic-to-double-construction-capex-to-egp-6-bn-this-year\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/21\/sodic-to-double-construction-capex-to-egp-6-bn-this-year\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"SODIC to double construction capex to EGP 6 bn this year\",\"datePublished\":\"2023-06-21T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/21\/sodic-to-double-construction-capex-to-egp-6-bn-this-year\/\"},\"wordCount\":693,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/21\/sodic-to-double-construction-capex-to-egp-6-bn-this-year\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1081.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Aavishkaar Capital\",\"Acasia Angels\",\"Acasia Group\",\"ALSO ON OUR RADAR\",\"capital markets\",\"e-finance\",\"EGX\",\"EnterpriseAM\",\"Finestra\",\"Hela\",\"industry\",\"investment watch\",\"Kfw\",\"logistics\",\"Manufacturing\",\"Precision Cardiovascular\",\"real estate\",\"SME Development Authority\",\"SMEs\",\"SODIC\",\"startups\",\"tourism\"],\"articleSection\":[\"Also on our Radar\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/21\/sodic-to-double-construction-capex-to-egp-6-bn-this-year\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/21\/sodic-to-double-construction-capex-to-egp-6-bn-this-year\/\",\"name\":\"SODIC to double construction capex to EGP 6 bn this year - 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The long-term facility will be used to refinance an outstanding EGP 1.1 bn from an\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/179.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573175,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/22\/sodic-awards-egp-1-2-bn-in-contracts-at-flagship-sodic-east-development\/","url_meta":{"origin":589097,"position":1},"title":"SODIC awards EGP 1.2 bn in contracts at flagship SODIC East development","author":"enterpriseam admin","date":"22 July 2020","format":false,"excerpt":"Upmarket real estate developer SODIC has awarded EGP 1.2 bn in contracts at its flagship SODIC East development to date since breaking ground on the project in 2018, according to a statement (pdf). 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