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Sodic agrees to develop Cairo project within three years

10 March 2012

Egypt's Sixth of October Development and Investment Co (Sodic), the country's third-biggest listed developer, has agreed with the authorities to develop projects on its land bank in West Cairo within three years, in a move that protects the assets from possible legal challenge, Reuters has reported. The luxury property developer has not been directly implicated in the land rows but its former chairman, the father-in-law of Mubarak's eldest son, is facing trial for his role in a questionable land sale. "We view the event positively as it effectively removes a legal overhang on Sodic's land bank in West Cairo," investment bank EFG-Hermes said in a note.

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