{"id":590017,"date":"2023-07-12T00:00:00","date_gmt":"2023-07-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/12\/sodic-al-safy-group-partner-on-new-north-coast-development\/"},"modified":"2023-07-12T00:00:00","modified_gmt":"2023-07-12T00:00:00","slug":"sodic-al-safy-group-partner-on-new-north-coast-development","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/12\/sodic-al-safy-group-partner-on-new-north-coast-development\/","title":{"rendered":"SODIC, Al Safy Group partner on new North Coast development"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">REAL ESTATE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SODIC to develop new North Coast project:<\/span><span> Real estate developer SODIC has <\/span><span>entered into a revenue-sharing partnership with local investment firm <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/alsafygroup.com\/\" style=\"\">Al Safy Group<\/a><\/span><span> that will see it develop a 440-feddan land plot on the North Coast, it said in an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/7\/423.pdf\" style=\"\">EGX disclosure (pdf)<\/a><\/span><span> yesterday. Under the agreement, SODIC will take 73% of the revenues from the planned residential-tourist project and <\/span><span>Safy will receive the remaining 27%<\/span><span>. The project is expected to generate around EGP 80 bn of sales <\/span><span>over a period of 11 years, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/7\/426.pdf\" style=\"\">a separate disclosure (pdf)<\/a><\/span><span>. The land plot is situated 1 km from SODIC\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e43f6dc8-f379-4241-8a3e-e7e27d3ac60c\" style=\"\">Caesar project<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SODIC will receive 73% of revenues from the planned project<\/p>\n","protected":false},"author":1,"featured_media":590018,"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":[6394,111,72,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590017","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-al-safy-group","tag-also-on-our-radar","tag-enterpriseam","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"8a36b473-24de-4855-91f1-767525d12068","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/450.jpg","photo_position":"above","homepage_title":"","full_issue_title":"SODIC has partnered with Al Safy Group on new North Coast development","related_issue":[589996],"teaser":"SODIC will receive 73% of revenues from the planned project","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.6470726d-8402-4af1-935d-48d48a479e83.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The agreement provides the land owned with a 28% share of the project\u2019s revenues from unit sales, which SODIC projects to be around EGP 15.2 bn. 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Over\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/164.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":603227,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/15\/sodic-pays-egp-534-mn-to-expand-caesar-project-plus-business-group-want-more-action-to-boost-exports\/","url_meta":{"origin":590017,"position":2},"title":"SODIC pays EGP 534 mn to expand Caesar project. PLUS: Business group want more action to boost exports","author":"enterpriseam admin","date":"15 August 2023","format":false,"excerpt":"The developer purchased a 180-acre plot of land from the New Urban Communities Authority earlier this year","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/723.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":668347,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/14\/sodic-doubles-down-on-north-coast-hospitality-with-egp-10-bn-expansion-plan\/","url_meta":{"origin":590017,"position":3},"title":"SODIC doubles down on North Coast hospitality with EGP 10 bn expansion plan","author":"enterpriseam admin","date":"14 July 2025","format":false,"excerpt":"The company plans to deliver 550+ hotel units by 2029 and is eyeing new investment zones in East Cairo and the Red Sea.","rel":"","context":"In &quot;Real estate&quot;","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/7\/817.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622023,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/25\/constec-inks-egp-430-mn-agreement-with-sodic\/","url_meta":{"origin":590017,"position":4},"title":"CONSTEC inks EGP 430 mn agreement with SODIC","author":"enterpriseam admin","date":"25 November 2018","format":false,"excerpt":"Construction and Design (CONSTEC) was awarded contracts worth EGP 430 mn for construction works on SODIC\u2019s projects in the North Coast and New Cairo, which includes SODIC\u2019s Caesar compound in the North Coast, CONSTEC General Manager Ashraf Abdel Hakam told Al Masry Al Youm.","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":660311,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/10\/sodic-reports-record-sales-in-2024\/","url_meta":{"origin":590017,"position":5},"title":"SODIC reports record sales in 2024","author":"enterpriseam admin","date":"10 February 2025","format":false,"excerpt":"SODIC reports record sales in 2024 fueled by Ogami project: Our friends at SODIC logged record gross contracted sales of EGP 50.3 bn in 2024, up 66% y-o-y, on the back of strong demand for the North Coast project Ogami, according to the developer\u2019s latest earning release (pdf). 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