Maged Sherif : SODIC puts sustainability on top of its priorities; we adopt long-term strategy to reduce the effect of carbon emissions
The Six October Development and Investment Company (SODIC) is a real estate developer that set a five-year expansion plan to preserve its leading role and support its growth in the real estate market in Egypt.
Maged Sherif : We are doing full assessment of the environmental, social, governance measures
SODIC Managing Director Maged Sherif said that the real estate developer is taking serious steps and measures to implement a work strategy that put sustainability at the top, in addition to doing a full assessment to environmental, social measures and institutional governance goals.
Sherif added that SODIC is also setting a long-term strategy to achieve these goals, including the goal to reduce the effect of carbon emissions in the future.
This came in the light of SODIC’s vision, which was set years ago, to adopt plans of adopting sustainability and using clean and renewable energy; as it was one of the very first companies to announce their participation in achieving sustainable development plans.
SODIC is signatory to UNFCCC since 2014
SODIC is one of the real estate companies that signed the United Nations Framework Convention on Climate Change (UNFCCC), announcing what it has achieved in this regard according to Article 10 of the UNFCCC.
SODIC to participate as a sponsor at COP27
SODIC will take part as a main sponsor in the 27th session of the United Nations Climate Change Conference (COP27).
SODIC’s managing director noted that the company is honored to be part of this international climate event and is looking forward to finding more opportunities to achieve climate adaptation in the coming years.
Solar energy
SODIC’s headquarters depends on solar power by 95%
Sherif said that SODIC is operating its headquarters office by solar energy, with 95% of its operations run on solar power since 2020.
He added that the real estate developer’s investment in clean energy reflects its contentious commitment to leave a positive impact in society.
The real estate developer managing director stressed the company’s keenness to acquire more sustainable measures in green building in pending and coming projects.
SODIC introduced a non-binding offer to Orascom Development Holding to fully possess Orascom Real Estate’s shares that owns O West project that stretches over 4.2 million square meters in west Cairo.
Meanwhile, some technologies that achieve the sustainability aspect will be added to the already finished projects, such as energy saving lighting lamps.
SODIC published in 2022 its first sustainability report, and is calculating the carbon emissions effect to be committed to reducing carbon dioxide emissions during the operation of its projects.
Expansion plans
Opportunities, whether by acquiring lands or buying existing companies’ shares
Sherif said that SODIC is currently reviewing a number of investment opportunities to expand in the Egyptian market according to the new investing strategy of the Emirati real estate firm Aldar, which possesses 85.5 percent of SODIC shares.
We are studying a number of investment
He added that the expansion plan aims to acquire new lands ranging between 300 and 500 feddans in East and West Cairo and the North Coast, or possessing shares of existing companies.
Primary non-binding offer to acquire Orascom Real Estate’s shares
SODIC introduced a non-binding offer to Orascom Development Holding to fully possess Orascom Real Estate’s shares that owns O West project that stretches over 4.2 million square meters in west Cairo.
The non-binding acquisition offer introduces EGP 2.46 billion to own full shares of Orascom Real Estate
The non-binding acquisition offer introduces EGP 2.46 billion to own full shares of Orascom Real Estate.
