SODIC enters hospitality sector in Egypt

SODIC enters hospitality sector in Egypt

SODIC, a leading real estate developer in Egypt, is venturing into the hospitality sector by partnering with Nobu Global, one of the world’s largest hospitality brands. Nobu Global will manage two hotels for SODIC, one in the North Coast and one in West Cairo. SODIC will also develop two more hotels in the same regions, one in West Cairo with 169 rooms and one in the June project on the North Coast with 128 rooms. This will bring the total number of hotel units owned by SODIC to 500.

Ayman Amer, the General Manager of SODIC, said that the company plans to allocate about EGP 10bn for contracting works for its projects in 2024, compared to EGP 6bn in 2023.

Amer added that SODIC’s land bank for the projects under development is about 1,700 feddan, including 750 feddan in the North Coast, 500 feddans in West Cairo, and 450 feddan in East Cairo.

He noted that despite having a large land bank, the company is always looking for and evaluating new lands to add to its current portfolio of projects in new cities, with a minimum area of 400 feddans.

The company secured its supply of building materials by purchasing EGP 2bn worth of