Cairo – Mubasher: Six of October Development and Investment (SODIC) has relaunched its New Zayed project, which currently spans an area of 464 acres, after being re-master planned.

The project had been put on hold due to the re-zoning of New Zayed city plans at large, according to a bourse filing on Thursday.

SODIC further launched a new phase of Karmell, which is one of three neighborhoods in the 464-acre project. Designed by JZMK Partners, the Karmell project brings the Californian “Carmel-by-the-sea” experience to Egypt with a carefree lifestyle immersed in nature.

During the first six months (6M) of 2022, SODIC achieved consolidated net profits after tax worth EGP 295.71 million, higher than EGP 225.84 million in H1-21, including minority shareholders' rights.