Abu Dhabi's Aldar gets 30-day extension to submit a buy offer for Egypt's SODIC
Aldar will use additional time to complete due diligence on planned regional foray
Dubai: Abu Dhabi’s Aldar Properties has been granted until mid-July to submit an offer to buy a “minimum” 51 per cent in one of Egypt’s leading developers – SODIC (or Sixth of October for Development and Investment).
The original final date of submission was set at June 14, but Aldar then requested Egypt’s financial markets regulator for an extension. The extension will come in hnady for Aldar to “finalise” the due diligence process and related processes.
“Aldar’s proposal to SODIC is subject to due diligence, as well as applicable regulatory approvals and other conditions,” the developer said. It was in March that Aldar spoke about its interest in SODIC.
If it does succeed, getting a break in Egypt would mean a return for the Abu Dhabi master developer to the international markets. Over the last decade, it has focussed exclusively on Abu Dhabi, where its recent series of launches on Yas Island were met with instant success.