Aldar Properties, based in Abu Dhabi, has made significant progress towards completing the acquisition of a majority stake in the Egyptian company Sixth of October for Development and Investment (Sodic), nearing the end of its due diligence process. The company is also looking for additional opportunities in the Arab nation with the largest population.
CEO Talal Al Dhiyabi revealed in an interview with Bloomberg TV that Aldar's bid to acquire a majority stake in Sodic is "one of several opportunities we are looking at in Egypt, which we see as one of the most profitable and attractive real estate markets."
Earlier this year, Aldar — the largest real estate developer in Abu Dhabi — made a non-binding preliminary offer to purchase at least 51% of Sodic, valuing the Egyptian company at around $420 million. Aldar is seeking to expand internationally due to limited growth prospects in the UAE.
Al Dhiyabi indicated that the company might invest between $1 billion and $1.5 billion over the next 12 to 18 months in acquisitions both domestically and internationally. He added that Aldar is also working to expand its operations in the fields of education and property management.
Al Dhiyabi noted that Aldar could issue bonds in the next three to six months if it completes certain acquisition deals.
