Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) on Thursday announced that its undeveloped land portfolio will be increased to 7 million square metres, following the cooperation with the New Urban Communities Authority (NUCA).

SODIC is expecting to utilise this portfolio for the development of a series of projects in the coming decade, which may see the closure of EGP 150 billion ($8.69 billion) deals.

Earlier today, SODIC signed a partnership agreement with the New Urban Communities Authority (NUCA) to build a full-fledged urban project over 500 acres in Sheikh Zayed city.

The anticipated project is expected to be constructed at a value of EGP 43 billion upon, which NUCA will allocate up to EGP 15.3 billion under the deal over 11 years.

The consolidated income statements of SODIC showed a 24.7% year-on-year profit decline during the fiscal year 2018, recording EGP 450.9 million.