The CEO of the Emirati Aldar Real Estate Company, Talal Al-Dhiyebi, said that Aldar intends to invest an additional 1.5 billion dollars over the next few months, noting that there are more investment opportunities in Egypt and the UAE despite the high interest rates.
Last month, Aldar Properties invested about $1.2 billion to acquire four commercial towers in the Abu Dhabi Global Market, in one of the largest real estate deals in the UAE.
Al-Dhiyabi said in an interview with TV BloombergThe company plans to increase its land portfolio in key areas in Egypt from the northern coast to the west and east of Cairo, and is looking forward to investing in the Red Sea regions.
Al-Dhiyabi indicated that the company entered into several discussions to expand its land portfolio.
The Sixth of October Development and Investment Company (SODIC), the third largest real estate company listed on the Egyptian Stock Exchange, and a subsidiary of Aldar Properties, submitted in early July a non-binding offer to acquire 100% of the shares of Madinet Nasr, in a deal valued at 6.18 billion. EGP, with an average indicative price of 3.30 EGP per share.
However, Nasr City’s board of directors demanded that “Al Dar” reconsider the offer and price submitted to acquire its shares, describing the value of the offer presented as “not in line with the real value of the company and its assets.”