A consortium of Aldar Properties, the biggest developer in Abu Dhabi, and one of the region’s biggest holding companies ADQ will acquire a majority stake in Egypt’s Sixth of October for Development and Investment Company for 6.1 billion Egyptian pounds ($386.8 million) after a successful mandatory tender offer.
The Abu Dhabi-based consortium, of which Aldar controls 70 per cent and ADQ 30 per cent, will acquire approximately 85.52 per cent of the outstanding share capital of Sodic, Aldar said on Tuesday in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
The deal values Sodic at EGP 7.1bn at a purchase price of EGP 20.0 per share. The transaction will be finalised in the coming days, with shares transferred by December 16.
“Aldar has identified Egypt as a priority market for international expansion, driven by a strong belief in the country’s potential and the macroeconomic fundamentals driving the real estate sector,” said Talal Al Dhiyebi, group chief executive of Aldar.
“After studying the market, Sodic emerged as our desired entry partner and is a natural commercial fit for Aldar.”
The consortium will focus on identifying the growth opportunities and will guide the company's long-term strategy. It plans to grow Sodic's portfolio of mixed-use residential communities in Greater Cairo, the North Coast and other major markets.
The deal comes as Aldar seeks to expand its presence in the Arab world's most populous nation's property market.
Through the acquisition, Aldar will have access to the “attractive Egyptian real estate market”, where the developer is assessing several opportunities, it said in September when it announced its offer.
Sodic, which has its headquarters in Cairo and is listed on the Egyptian Exchange, is one of Egypt’s leading property companies, with residential, commercial and retail projects.
Aldar Properties, the developer behind Abu Dhabi's Formula One circuit and other big developments in the emirate, is looking to expand its footprint and asset portfolio.
The developer is also “actively” seeking acquisition opportunities in the UAE and is interested in expanding to other regional markets, including Saudi Arabia, Aldar's chief finance and sustainability officer Greg Fewer said in November.
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
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The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
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