Egypt-based real estate developer SODIC (Sixth of October Development & Investment Company) said on Monday that the land it acquired from the New Urban Communities Authority (NUCA) for its flagship ‘Caesar’ resort on the North Coast has a value of 534 million Egyptian pounds ($17 million).

In a disclosure statement on Egypt’s bourse, SODIC said it was responding to a query by the Egyptian Exchange about its May 15 statement regarding its agreement with NUCA.

“…the company has paid the 10 percent downpayment amount to NUCA as stipulated in the contract,” it said.

SODIC also disclosed its commitment to investing over EGP10 billion ($324 million) in the project over the course of the next four years.

(1 US Dollar = 30.91 Egyptian Pounds)

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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