Real estate developer SODIC, will be investing between EGP 2bn to EGP 2.5bn in Egypt in 2015, SODIC CEO Ahmed Badrawi told Daily News Egypt. The investments will be used in the development of West town, East town and in a third project, the new plot of land covering 301 feddan located in New Cairo.
Earlier this year SODIC agreed to pay EGP 900m to the Egyptian government over seven years after reevaluating the East town project in Cairo.
During the Euromoney conference in September, Minister of Foreign Trade and Industry Mounir Fakhry Abdel Nour said that Egypt needs to restore investor and global market confidence in its economy. Abdel Nour added that the economy requires enough of an increase in investments to cover at least 25% of GDP.
The government announced in July that it is targeting a 90% reduction in foreign and domestic debt and the boosting of investment by 14%, to reach a 3.2% increase in economic growth.