Dubai: The Egyptian developer Sodic – owned by Abu Dhabi’s Aldar and ADQ – will build two luxury hotels and branded residences under the ‘Nobu’ branding at two of its projects in West Cairo and on the North Coast. The scope of the deal also extends to a Nobu restaurant.
The agreement builds on Aldar’s recent partnership with Nobu to bring a similar mix to Mamsha Beach on Saadiyat Island.
“The expansion of Sodic’s luxury property development portfolio underscores the demand for new real estate concepts in prime locations in Egypt,” said Talal Al Dhiyebi, Group CEO of Aldar Properties and Chairman of Sodic. “And Aldar’s belief in the long-term growth potential of the market.
“We are confident that these developments will not only solidify SODIC's market-leading position but also cater to the increasing demand for distinctive and high-end properties we are witnessing across the growing West Cairo and North Coast markets.”
Sodic recorded Dh335 million (2.7 billion Egyptian pounds) in revenue and Dh976 million (8.2 billion pounds) in development sales during H1-23.
It expanded its landbank through the buying of the Caesar back-plot and a 440-acre residential project on the North Coast of Egypt.