Sodic announces participation in Cityscape Dubai 2009

"We are taking part in Cityscape 2009 with a positive outlook on the real estate sector in Egypt and the Egyptian economy in general," said Maher Maksoud, Sodic's Managing Director.

Despite the global economic climate, Egypt has weathered the financial storm better than expected. The country's economy has been steadily growing in 2009 and has registered significant growth of 5%, beating IMF forecasts. Also, with inflation dropping from double to single digits, Egypt's real estate market has proved to be resilient in 2009.

With population growth that surpasses one million per year and the continuous migration of residents from the congested city centre to the ever-growing suburbs, demand for Egyptian real estate remains solid, due to significant unmet demands for housing, office and retail space, particularly in Cairo's Eastern and Western suburbs. Improved infrastructure and road works in these suburbs has further encouraged development in these areas.

As Egypt's real estate development industry players work towards satisfying this demand, Egyptian customers have become more discerning and are looking for well-designed products that deliver better value.

Despite the global economic situation, Sodic is committed to showcasing its projects in Cityscape as it is one of the most widely recognised platforms for presenting the largest and best real estate projects. Every year the Dubai-based exhibition reveals the newest properties in the region and the world, bringing together property developers, architects, investors and real estate professionals in the Arab world and beyond.

Sodic will be among the real estate developers participating in the exhibition, showcasing its wide range of developments.

"Cityscape is a great opportunity to present our developments to the regional real estate market," added Maksoud. "We are proud of Sodic's performance and we continue to strive to provide well planned developments that meet our clients needs and aspirations."

Sodic's recent performance has been strong and the company is optimistic about the future of its developments given the success it has experienced over the past year. The Company's year-to-date 2009 contracted sales have reached close to $100m, largely coming from the success of Allegria, one of Cairo's most exclusive residential communities.

In addition, Sodic enjoys a very favourable financial position with a healthy balance sheet. The company has strong cash flows with receivables of approximately $400m. Sodic also has minimal bank debt and other financial obligations. During the past year of challenging economic conditions, Sodic has proactively managed its receivables and the Company has experienced a very low rate of customer payment delinquencies (less than 1%).

"We have every reason to be optimistic about our future and the future of real estate in Egypt. We see many great opportunities in the Egyptian market and we plan to seize these opportunities to fill some of the gaps,"

said Youssef Hammad, Sodic's Chief Commercial Officer.

The Sodic booth design is inspired by its state-of-the-art Sales Centre, an impressive glass structure designed by Eklego Design and located on the Cairo-Alexandria desert road. For more information visit the Sodic booth at Hall Five, booth number 5d10 at the Dubai International Convention and Exhibition Centre.