Sodic to invest $195m in Syrian venture

20 Aug 2010

(MENAFN) Egyptian developer Sodic said that it will set aside $195 million to finance the operations of its newly acquired stake in Syrian real estate firm Palmyra, which plans a housing development near to the capital Damascus, Khaleej Times reported.

The firm also said in a note to the stock exchange it would buy a 4,000 sq m plot of land from Cairo-based private equity firm Citadel Capital for $6.3 million in a suburb outside Egypt’s capital Cairo.

Sodic, Egypt’s fourth largest developer by market value, said in June it would buy a 50 per cent stake worth $40.5 million in Palmyra, adding to a growing list of Egyptian companies investing in Syria.

Palmyra, a subsidiary of the MAS Economic Group, plans to launch a housing project on a 500,000 square meter plot near Damascus in the first half of 2011, Sodic said in June.

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