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Egypt authority gives SODIC more time for development near Cairo

Egypt's New Urban Communities Authority has agreed to give the country's third-largest listed developer, SODIC an extra two years to complete two phases of an upscale residential development west of Cairo after it asked for more time, Reuters has reported. "The New Urban Communities Authority approved the request to extend the period to five years," SODIC said, referring to the third and fourth phases of its Allegria project. The extension follows an agreement SODIC reached with the authorities in March to develop projects on its land bank in West Cairo within three years.