Dubai: Abu Dhabi’s master-developer will have until early September to consider making a firm offer to acquire a majority stake in the Egyptian developer, SODIC. The Egyptian stock market regulator granted Aldar an extension, valid for 30 days from August 2.
Earlier, Aldar had requested the stock market regulator for an extension, with the current deadline expiring on August 2. The Abu Dhabi company had sought the extension to do more due diligence on the acquisition prospects.
If it finally decides to move ahead with the offer, this will mark a key moment for Aldar as it firmly pushes its operational reach beyond Abu Dhabi. SODIC, or The Sixth of October Development and Investment Co., is a key player in the Egyptian property market, with a range of residential and mixed-use projects in its portfolio.