Solidere investing $4bn in Egypt property market

A shot of Egypt's capital Cairo. Solidere is developing EasTown in an eastern Cairo suburb. (Getty Images)

Lebanon's real estate developer Solidere said on Monday it was in two development projects with Egypt's Sixth of October Investment and Development (SODIC) worth $4 billion.

"Solidere International and SODIC are developing two mixed-use city centres in the suburbs of Cairo at a total cost of $4 billion," the Lebanese company said in a statement.

Solidere said one project, WesTown on the highway between Cairo and Alexandria, was worth $2.4 billion, while the other, EasTown in an eastern Cairo suburb, was worth $1.6 billion.

Solidere, best known for developing the central area of Beirut after the 1975 to 1990 civil war, forged an alliance with the Egyptian property developer in April.

A SODIC executive last month put the cost of two projects with Solidere at $1.46 billion. It was not immediately clear if these two projects were the same as the ones referred to by Solidere. (Reuters)

Print | Email | Discuss this article |

USER COMMENTS (0 COMMENTS)

POST A COMMENT

CLICK HERE TO POST A COMMENT

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.