SODIC, the Sixth of October Development and Investment Company, is gearing up to inject approximately EGP 10 bn into its construction projects during 2024, marking a significant increase from the EGP 6 bn invested in construction activities the previous year, Invest-Gate reports.

Ayman Amer, General Manager of SODIC, highlighted the strategic steps taken to mitigate the continuous fluctuations in construction material prices.

Amer stated that SODIC has undertaken various measures, including stocking sufficient construction materials such as iron and cement. The company invested EGP 2 bn in hedging activities last year, covering both construction materials and raw materials, ensuring its needs for 2024 are met and enabling the completion of ongoing projects.

Moreover, SODIC has a vast land bank of approximately 1,700 feddans strategically located across different regions. Last year, the company acquired an additional 180 feddans for the Caesar project in the North Coast and signed a partnership agreement to develop a 440-feddan project.

Furthermore, SODIC unveiled plans for expansion in the hospitality sector with four hotels totalling around 500 rooms. The company has partnered with “Nobu,” a renowned hospitality brand, to manage two hotels—one in the North Coast and the other in West Cairo.

Amer also provided updates on ongoing projects, including delivering 205 units in The Estates project in Zayed New City since November 2023, representing 50% of the total units. The 630,000 sqm project includes 446 units and commercial service areas covering 2,751 sqm.

Notably, in 2023, SODIC achieved a sales volume of EGP 30 bn, marking a 42% annual increase.