Top stories


ESG & SustainabilityWWF calls on G20 to prioritise sustainable mining for green future in Africa
16 hours


Energy & MiningThe hidden cost of your smartphone: Inside Congo's rebel-funded mines
Giulia Paravicini and David Lewis 14 Aug 2025

Abu Dhabi's Aldar Properties and state holding company ADQ bought a controlling stake in SODIC late last year, and the purchase of Orascom Real Estate would further expand its Egyptian real estate business.
The offer comes as Egypt has sought to attract billions of dollars in investment from the Gulf while it struggles with the financial impact of the war in Ukraine, such as soaring commodities costs.
ADQ bought stakes worth around $1.85bn in Egyptian companies in April.
Orascom Development said its board of directors had agreed to allow SODIC to conduct the required due diligence and authorised the company's management to negotiate based on the non-binding offer, which was made at an indicative purchase price of E£2.46bn ($125m).
EFG Hermes has been appointed by the shareholders of Orascom Real Estate to assume the role of financial adviser, it added.
SODIC said in July it had submitted an offer to buy up to 100% of Madinet Nasr for Housing and Development's (MNHD) share capital at a price that valued MNHD at E£6.18bn. However, MNHD rebuffed the offer, saying it did not represent the company's true value and called on SODIC to reconsider it.
Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.
Go to: https://www.reuters.com/