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Thursday, 10 February 2022

Aldar could target retail + education acquisitions in Egypt

Egyptian retail + education assets could be in Aldar’s crosshairs: Aldar Properties will spend at least AED 5 bn (c. USD 1.4 bn) on acquiring retail and education assets in Egypt, the UAE and Saudi Arabia, CFO Greg Fewer said during a call following the company’s latest earnings release yesterday, according to Reuters. He didn’t mention specific acquisition targets but said that the company is focused on these three markets.

Aldar now = SODIC: Aldar joined up with Abu Dhabi sovereign wealth fund ADQ to acquire a 85.5% stake in leading Egyptian real estate developer SODIC last year for EGP 6.1 bn. “The consortium will now pursue its objective to advance SODIC’s position as a leading national developer by scale and reputation, growing its portfolio of mixed-use residential communities in Greater Cairo, the North Coast and other major markets,” Aldar said in its earnings release (pdf).

Earnings watch: Aldar reported 21% growth in net income in 2021 to AED 2.33 bn.The figures exclude SODIC because of its acquisition late last year. The full audited and consolidated financials, including the impact of the SODIC acquisition, will be published in March.

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