{"id":616245,"date":"2024-03-03T00:00:00","date_gmt":"2024-03-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/03\/sodic-ups-funds-allocated-for-2024-projects-66-in-anticipation-of-real-estate-sector-boom-following-ras-el-hekma-announcement\/"},"modified":"2024-03-03T00:00:00","modified_gmt":"2024-03-03T00:00:00","slug":"sodic-ups-funds-allocated-for-2024-projects-66-in-anticipation-of-real-estate-sector-boom-following-ras-el-hekma-announcement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/03\/sodic-ups-funds-allocated-for-2024-projects-66-in-anticipation-of-real-estate-sector-boom-following-ras-el-hekma-announcement\/","title":{"rendered":"SODIC ups funds allocated for 2024 projects 66% in anticipation of real estate sector boom following Ras El Hekma announcement"},"content":{"rendered":"

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

The firm will also reopen sales of its units in many of its developments in the coming<\/strong> days<\/strong>, 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.<\/p>\n

This could signal a major shift in the developers\u2019 sentiments on the market:<\/strong> The rate of price increases of building materials began to decline following the government\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

The real estate giant has allocated over EGP 10 bn for projects in 2024<\/p>\n","protected":false},"author":1,"featured_media":616246,"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":[7371],"tags":[130,72,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-construction","tag-enterpriseam","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"c7dd7f2d-3dcf-4fff-a91b-218f1c1bc383","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/36.jpg","photo_position":"above","homepage_title":"","full_issue_title":"SODIC ups funds allocated for 2024 projects 66% in anticipation of real estate sector boom following Ras El Hekma announcement","related_issue":[616232],"teaser":"The real estate giant has allocated over EGP 10 bn for projects in 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.a85c2c98-099d-4831-acef-cdaf5bc9643a.mp3"},"yoast_head":"\nSODIC ups funds allocated for 2024 projects 66% in anticipation of real estate sector boom following Ras El Hekma announcement - 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SODIC\u2019s bottom line declined 46% in the same period due to deliveries from the first phases of SODIC East, which accounted\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":550440,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/27\/sodic-net-income-up-19-in-3q-2022\/","url_meta":{"origin":616245,"position":2},"title":"SODIC net income up 19% in 3Q 2022","author":"enterpriseam admin","date":"27 October 2022","format":false,"excerpt":"Real estate developer SODIC\u2019s bottom line rose 19% y-o-y in 3Q 2022 to EGP 142 mn, according to the company\u2019s earnings release (pdf). Revenues for the quarter came in at EGP 1.92 bn, up 33% thanks to accelerating deliveries at its SODIC East and Villette developments.It was a stellar quarter\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/351.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586015,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/03\/sodic-posts-higher-revenues-in-1q-2023-while-inflation-impacts-sales\/","url_meta":{"origin":616245,"position":3},"title":"SODIC posts higher revenues in 1Q 2023 while inflation impacts sales","author":"enterpriseam admin","date":"3 May 2023","format":false,"excerpt":"Company pauses sales amid soaring inflation","rel":"","context":"In "EARNINGS WATCH"","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":595096,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/16\/sodic-in-talks-with-local-banks-for-egp-1-bn-for-east-west-cairo-projects\/","url_meta":{"origin":616245,"position":4},"title":"Sodic in talks with local banks for EGP 1 bn for east, west Cairo projects","author":"enterpriseam admin","date":"16 September 2019","format":false,"excerpt":"Premier real estate developer Sodic is in talks with Banque Misr and other local banks to acquire a 3-5 year, EGP 1 bn facility for its projects in east and west Cairo, sources told Al Mal. The facility will be used to cover part of development costs estimated to be\u2026","rel":"","context":"In "Real Estate + Housing"","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":649162,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/24\/sodic-contracted-sales-up-64-y-o-y-in-1q2017-to-egp-1-2-bn\/","url_meta":{"origin":616245,"position":5},"title":"SODIC contracted sales up 64% y-o-y in 1Q2017 to EGP 1.2 bn","author":"enterpriseam admin","date":"24 April 2017","format":false,"excerpt":"SODIC booked net contracted sales of EGP 1.2 bn in 1Q2017, a 64% leap over the same period last year, according to an EGX filing (pdf). \u201cNet contracted sales grew on the back of three launches with EGP 1.7 bn worth of inventory introduced in February and March of 2017.\u2026","rel":"","context":"In "Speed Round"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=616245"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616245\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/616232"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/616246"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=616245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=616245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=616245"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=616245"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=616245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}