Sodic Board of Directors accepts MD resignation

Maksoud's resignation is effective March 31, 2013 and will end his 7 year term with the company. The Board of Directors also approved the appointment of Ahmed Badrawi, currently Sodic Chief Business Development Officer, as the new Managing Director.

Maksoud served as Managing Director of the leading Egyptian property developer for seven years, during which time the company achieved outstanding operational and financial results. Operationally, Sodic began construction of Sodic West, the largest planned mixed-use development in Egypt's Sheikh Zayed area, comprising of a cluster of integrated real estate projects, namely Allegria, Westown, The Polygon Business Park, The Strip, Westown Residence, and Forty West. In addition, the company's acquired land plots increased by 80% reaching more than 9.4 million sqm.

Financially, during Maksoud's tenure, Sodic's total investments reached LE5.2bn, while the value of delivered units stands at LE3.8bn. Sodic's total sales reached LE7.6bn, with gross profits of LE668m. Moreover, the performance of the company's stocks has been stronger than those of its competitors.

Under Maksoud's management, Sodic was also awarded several prestigious regional and global real estate awards including the best CEO Award from Global Trade Matters, 3 CNBC Arabian Property Awards, the Euromoney Best Residential Developer in MENA, Best Mixed use Developer in MENA, and Best Developer in Egypt, in addition to other design and planning awards.

Maksoud's replacement, Ahmed Badrawi, joined Sodic in 2006 as a Board member and the Chief Business Development Officer. Badrawi has worked extensively with Maksoud for the last seven years in an effort to achieve the company's consistent growth. Badrawi holds a degree from the London School of Law and prior to joining Sodic, he worked as an entrepreneurial lawyer in the UK and the Gulf for 10 years.

The Board of Directors concluded the General Assembly by extending their gratitude to Maksoud for his outstanding efforts and achievements with Sodic, and wishing him the best in his future endeavors.