{"id":642934,"date":"2017-08-27T03:51:46","date_gmt":"2017-08-27T03:51:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/27\/sodic-subsidiary-extends-facility-with-aaib-to-egp-1-4-bn\/"},"modified":"2017-08-27T03:51:46","modified_gmt":"2017-08-27T03:51:46","slug":"sodic-subsidiary-extends-facility-with-aaib-to-egp-1-4-bn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/27\/sodic-subsidiary-extends-facility-with-aaib-to-egp-1-4-bn\/","title":{"rendered":"SODIC subsidiary extends facility with AAIB to EGP 1.4 bn"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>SODIC subsidiary extends facility with AAIB to EGP 1.4 bn:<\/strong> SODIC\u2019s fully owned subsidiary SOREAL For Real Estate Development and the Arab African International Bank (AAIB) signed an addendum to a medium term facility which would see the loan increase to EGP 1.4 bn, <a href=\"https:\/\/ent.news\/2017\/8\/1471.pdf\">the company said on Thursday (pdf)<\/a>. The original July 2014 facility was extended by some EGP 450 mn to finance the total development cost of Villette under a developer finance scheme, factoring in the inclusion of the Town Center commercial hub of the project. \u201cWe continue to leverage our long term relationship with Egypt's leading financial institutions and their confidence in SODIC. Our prudent approach to managing our balance sheet cements our ability to raise debt at favorable terms supporting our unwavering commitment to deliver to all our stakeholders,\u201d said SODIC CFO Omar El Hamawy. SODIC launched the first phase of Sky Condos, the first apartment building offering in Villette, earlier this year.<\/p>\n<p><strong>This comes as SODIC plans to complete and deliver on its EGP 900 mn Caesar <\/strong><strong>development in the North Coast by August 2018<\/strong>, said company Managing Director Magued Sherif on Thursday. He told the<a href=\"http:\/\/www.almalnews.com\/Story\/344039\/16\/%D8%B3%D9%88%D8%AF%D9%8A%D9%83-%D8%AA%D8%B3%D9%84%D9%85-%D8%B3%D9%8A%D8%B2%D8%B1-%D8%A7%D9%84%D8%B3%D8%A7%D8%AD%D9%84-%D8%A7%D9%84%D8%B4%D9%85%D8%A7%D9%84%D9%8A-%D8%A8%D9%85%D8%A8%D9%8A%D8%B9%D8%A7%D8%AA-1-6-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AC%D9%86%D9%8A%D9%87\">press during a tour of the project<\/a> that sales from Caesar are expected to reach EGP 1.6 bn. \u201cWe look forward to securing more land in that area as well as on Egypt\u2019s Red Sea coast. We are also open to exploring expansion opportunities beyond Egypt,\u201d Sherif said, <a href=\"https:\/\/dailynewsegypt.com\/2017\/08\/26\/sodic-finish-caeser-project-august-2018\/\">according to Daily News Egypt<\/a>. \u201cWe are in a very healthy cash position and are continuously exploring land opportunities. We will continue to secure land in the east and west of Cairo either through the government or the secondary market,\u201d he added. <strong>Sherif noted that the property market in Egypt remains strong<\/strong>, stating that people view real estate as a sound investment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SODIC subsidiary extends facility with AAIB to EGP 1.4 bn: SODIC\u2019s fully owned subsidiary SOREAL For Real Estate Development and the Arab African International Bank (AAIB) signed an addendum to a medium term facility which would see the loan increase to EGP 1.4 bn, the company said on Thursday (pdf). The original July 2014 facility [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":642935,"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":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-642934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"d7c5a54f-022c-426e-b3a6-a4edfaa15767","order":"0","is_powered_by":true,"section_story_id":"42686a2f-90d4-42b6-87fa-8075d095abd7","story_type":"1","photo_url":"https:\/\/ent.news\/2017\/8\/1387.jpg","photo_position":"above","related_issue":[642925],"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>SODIC subsidiary extends facility with AAIB to EGP 1.4 bn - 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\/2017\/08\/27\/sodic-subsidiary-extends-facility-with-aaib-to-egp-1-4-bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SODIC subsidiary extends facility with AAIB to EGP 1.4 bn\" \/>\n<meta property=\"og:description\" content=\"SODIC subsidiary extends facility with AAIB to EGP 1.4 bn: SODIC\u2019s fully owned subsidiary SOREAL For Real Estate Development and the Arab African International Bank (AAIB) signed an addendum to a medium term facility which would see the loan increase to EGP 1.4 bn, the company said on Thursday (pdf). The original July 2014 facility [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2017\/08\/27\/sodic-subsidiary-extends-facility-with-aaib-to-egp-1-4-bn\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2017-08-27T03:51:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2017\/8\/1387.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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/08\/27\/sodic-subsidiary-extends-facility-with-aaib-to-egp-1-4-bn\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/08\/27\/sodic-subsidiary-extends-facility-with-aaib-to-egp-1-4-bn\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"SODIC subsidiary extends facility with AAIB to EGP 1.4 bn\",\"datePublished\":\"2017-08-27T03:51:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/08\/27\/sodic-subsidiary-extends-facility-with-aaib-to-egp-1-4-bn\/\"},\"wordCount\":305,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/08\/27\/sodic-subsidiary-extends-facility-with-aaib-to-egp-1-4-bn\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2017\/8\/1387.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/08\/27\/sodic-subsidiary-extends-facility-with-aaib-to-egp-1-4-bn\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2017\/08\/27\/sodic-subsidiary-extends-facility-with-aaib-to-egp-1-4-bn\/\",\"name\":\"SODIC subsidiary extends facility with AAIB to EGP 1.4 bn - 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Villette is a 301-feddan\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":648558,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/06\/sodic-signs-egp-1-3-bn-medium-term-facility-with-aaib\/","url_meta":{"origin":642934,"position":1},"title":"SODIC signs EGP 1.3 bn medium term facility with AAIB","author":"enterpriseam admin","date":"6 April 2017","format":false,"excerpt":"Real estate developer SODIC signed yesterday an EGP 1.3 bn medium-term facility with Arab African International Bank (AAIB), according to a statement from the company. The facility will be used in part to repay a EGP 900 mn syndicated facility previously signed in 2013 to finance the SODIC West project.\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\/2017\/4\/442.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568183,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/21\/sodic-clients-can-now-pay-online-with-aaib\/","url_meta":{"origin":642934,"position":2},"title":"SODIC clients can now pay online with AAIB","author":"enterpriseam admin","date":"21 December 2020","format":false,"excerpt":"Upmarket real estate developer Sodic will now have an online payment gateway available for its clients after signing an agreement yesterday with AAIB, according to a company press release (pdf). Under the agreement, AAIB will set up the gateway to allow Sodic clients to pay for their home installments and\u2026","rel":"","context":"In &quot;PAYMENTS&quot;","block_context":{"text":"PAYMENTS","link":"https:\/\/enterpriseam.com\/egypt\/category\/payments\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":590651,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/30\/sodics-soreal-signs-egp-1-bn-facility-with-cib-to-finance-its-ednc-project\/","url_meta":{"origin":642934,"position":3},"title":"Sodic\u2019s Soreal signs EGP 1 bn facility with CIB to finance its EDNC project","author":"enterpriseam admin","date":"30 December 2019","format":false,"excerpt":"DEBT WATCH- Sodic subsidiary signs EGP 1 bn medium term facility with CIB: Sodic subsidiary Soreal for Real Estate Development signed a EGP 1 bn medium term facility with CIB to partially finance Sodic\u2019s first non-residential offering in East Cairo EDNC,the company said in a press release (pdf). EDNC is\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":579089,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/24\/ci-capital-compass-launch-fund-to-invest-in-egx-listed-firms\/","url_meta":{"origin":642934,"position":4},"title":"CI Capital, Compass launch fund to invest in EGX-listed firms","author":"enterpriseam admin","date":"24 January 2023","format":false,"excerpt":"CAPITAL MARKETS-CI Capital + Compass Capital plan EGP 2 bn equity fund: CI Capital and Compass Capital are launching a fund to invest in EGX-listed companies, with initial investments ranging between EGP 2-3 bn, unnamed sources reportedly told Asharq Business. The fund will be looking to acquire stakes of between\u2026","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\/1\/419.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566897,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/27\/sodic-closes-egp-343-mn-securitized-bond-sale\/","url_meta":{"origin":642934,"position":5},"title":"Sodic closes EGP 343 mn securitized bond sale","author":"enterpriseam admin","date":"27 July 2021","format":false,"excerpt":"Upmarket developer SODIC has closed a EGP 343 mn securitized bond sale backed by a receivables portfolio of nearly EGP 384 mn that includes future installments from 753 delivered units in Eastown Residences and Caesar, the company said in a statement (pdf). The bonds were issued in two tranches with\u2026","rel":"","context":"In &quot;SPEED ROUND: DEBT WATCH&quot;","block_context":{"text":"SPEED ROUND: DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/469.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/642934","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=642934"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/642934\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/642925"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/642935"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=642934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=642934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=642934"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=642934"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=642934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}