Abu Dhabi’s Aldar considering more deals in Egypt real estate
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Abu Dhabi’s Aldar considering more deals in Egypt real estate

Abu Dhabi’s Aldar considering more deals in Egypt real estate

The developer may invest between $1bn to $1.5bn in the next 12- to 18 months on acquisitions abroad and at home

Abu Dhabi-based Aldar Properties is halfway through its due diligence process on an offer to buy a majority stake in Egypt’s Sixth of October for Development & Investment, and is looking for additional opportunities in the Arab world’s most populous country.

The offer for the Egyptian property developer, known as Sodic, “is one of a number of opportunities we are looking at in Egypt,” CEO Talal Al Dhiyebi told Bloomberg TV. “We think it’s one of the most lucrative and attractive real estate markets.”

Earlier this year, Aldar – Abu Dhabi’s largest developer – submitted a preliminary non-binding offer to buy a minimum 51 per cent stake in Sodic in a deal that values the Egyptian company at about $420m. Aldar has been looking to expand abroad as it faces limited growth prospects in the United Arab Emirates.

Aldar may invest between $1bn to $1.5bn in the next 12- to 18 months on acquisitions abroad and at home, Al Dhiyebi said. It’s also expanding its education and property management businesses, he added.

Aldar may sell bonds in the next three to six months if it finalises some acquisition opportunities, Al Dhiyebi said.

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