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CAIRO, EGYPT - September 24: The Four Seasons Hotel and the Grand Nile Tower Hotel on September 24, 2017 in Cairo, Egypt. Overview photos of Cairo's buildings, cityscape and infrastructure from above taken from Cairo Tower in Zamalek. (Photo by David Degner/Getty Images) Image used for illustrative purpose.
Arab Finance: Sixth of October for Development and Investment Co. (SODIC) has signed a revenue share agreement with Rula for Land Reclamation for the development of a 1,000-feddan plot in New Sphinx City, located in West Cairo, as per a disclosure.
The project, once completed, is expected to generate over EGP 353 billion in sales.
Under the terms of the agreement, Rula for Land Reclamation will receive a 21% share of the project's revenues, while SODIC will retain the remaining 79%.
This new agreement significantly expands SODIC's land holdings, doubling the company's undeveloped land bank from 4 million square meters to over 8 million square meters.
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