Egypt’s Sodic acquire 50% of Syrian firm for $40m

18 Jun 2010

(MENAFN) Egyptian developer Sodic said that it will pay $40.5 million for a 50 percent stake in Syrian real estate developer Palmyra, adding to a growing list of Egyptian firms interested in Syria, Reuters reported.

Syria has been attracting attention as the authorities have taken some cautious steps toward economic liberalization, including opening up the banking sector to more foreign investment.

Several Egyptian banks have launched their services in Syria, and some Egyptian firms carried out investments in the country, taking advantage of the government’s recent efforts to liberalize the economy.

Egypt’s El Sewedy Cables runs a factory in Syria, and mobile firm Orascom Telecom’s chairman said earlier that he was interested in returning to the Syrian market, which he had previously exited.

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