Cairo – Mubasher: Six of October Development and Investment (SODIC) and the New Urban Communities Authority (NUCA) signed an escrow agreement with Banque Misr over a 500-feddan project in New Sheikh Zayed City.

The new contract is the beginning of a long-term partnership with the state-run bank, the real estate developer’s managing director, Maged Sherif, said in a statement on Wednesday.  

On Monday, SODIC announced the launch of the first phase of the 500-feddan “VYE” project in New Sheikh Zayed City, generating EGP 1 billion in sales in just two days.

It is worth mentioning that during the first nine months of 2019, the property developer posted a net profit of EGP 506.09 million, compared to EGP 612.9 million in the same period of 2018, including minority shareholders’ rights.