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Facing page: Allegria
Below: East Town
How have FDI levels been affected in recent months? Is Egypt Will restricted financing and the restoration of
still a highly attractive long-term investment prospect? investor confidence continue to be a major issue?
Egypt has continued to do well despite the challenging global Today, the Egyptian government is totally committed to an open
economic conditions and the negative investment sentiment market economy relying on the private sector as an engine for growth.
worldwide. While we believe that no country is immune to such The private sector has felt the commitment from the government and
extreme conditions, demand for products in Egypt is driven mainly reacted immediately. We discovered that we have an extremely
by its fast growing indigenous population of more than 70 million strong entrepreneurial spirit. We are risk-takers, and money that was
people. Major global investment houses continue to rank it as one hidden abroad is coming back. Egyptians are making much more
of the highly lucrative investment destinations. Despite the global serious investments in this type of business, not just trading money
economic slowdown and its toll on the Egyptian market and FDI on the stock market and investing in soft business ventures.
levels compared to the past few years, the country’s economy is
still forecast to grow at between three to four percent this year, Is the industry becoming increasingly willing to talk more openly
and this is backed by a healthy financial sector that has low and realistically about business levels and the challenges it is facing?
loan-deposit ratios and almost negligible outstanding mortgages. At SODIC we plan to emerge from the current situation with an
enhanced image, greater market share and more efficient operation.
We have little debt, we are on schedule for delivery of our sold units,
and we have recently successfully launched and sold new phases
despite tough market conditions. We have always been transparent
in our dealings with our investors and shareholders.
Does the industry – at all levels - need to become more open
and transparent?
We firmly believe in transparency, and share information on all
aspects of our business with our clients. We feel it is vital to
significantly reduce our expenditures and tightly manage our
cash flows. We have a very strong balance sheet with limited
debt and benefit from significant receivables from sold projects
as well as a healthy net cash position. We are continuously
communicating this to our investors and shareholders.
What will have been the major lessons for the industry
moving forward?
To focus on outstanding execution, timely construction; provide
relevant products; maintain a conservative financial strategy;
and invest in product diversification.
Have you benchmarked your developments against those in
other markets? What standards are you applying to create your
own benchmarks?
Although we are aware of our competition and respect them, our
objective is to create one of Egypt’s strongest, most recognised
and admired brand, regardless of industry.
Which asset classes do you view as the most resilient, and which
have the greatest potential for recovery and growth in 2010?
We continue to believe that the real estate sector in Egypt is
based on genuine organic demand that is yet to be fulfilled across
the various segments of the market, be it that of the various
residential products, or demand for office space, retail outlets and
hotel/tourism developments.
t
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