UAE’s Aldar Properties has offered to buy a majority stake of at least 51% in Egypt’s Sodic as part of expansion plans. The deal is expected to be valued at $420mn and is subject to due diligence, approvals and other conditions. The deal would see Aldar make a move into a growing real estate market where Sodic is an active player. “The UAE market’s demographics have limitations in terms of population growth, while Egypt is a big real estate market, with young and growing population, which can give Aldar that edge” said Harshjit Oza, head of research at Abu Dhabi-based International Securities LLC.
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