Press releases

SODIC Awards Allegria’s EGP 191 Million Infrastructure Contract to The National Company for Mechanical & Electrical Work

Cairo, July 15th, 2008

SODIC announced awarding the Infrastructure contract for its Allegria project to the National Company for Mechanical & Electrical Works S.A.E (“The National Company”), a subsidiary of Kuwait based M.A. Kharafi group. The fixed price contract is worth a total EGP 191 Million and is to be executed over the next 19 months.

Earlier this year SODIC tendered the project’s electricity, telephone, water, sewage and irrigation networks. Participants in the tender included some of Egypt's leading contractors. According to the terms of the Letter of Acceptance, the National Company is to be fully mobilized on site within the next month, and the entire networks are to be completed over the next 19 months under the supervision of ECH (Egyptian Consulting House) & SCG (Shaker Consulting Group) as consultants and Turner International as project managers.

About Allegria

Allegria is a high end gated residential community project, developed over a 2.4 million square meter plot located on the Cairo Alexandria dessert road in the emerging suburb of Sheikh Zayed (“West Cairo”). The project comprises over 1,000 villas and townhouses, planned over an award winning Masterplan by New York based EDAW and boasts outstanding architectural designs, facilities and services that are being implemented by some of the leading local and International consultants. After
successfully launching sales in April of 2007, more than 75% of the project has been reserved to date with a total value of some EGP 2.5 bilion and delivery of the properties is forecasted to begin in 2010. The project has also won two awards in the categories of Best Development and Best Golf Development by CNBC Arabian Property Awards 2008.

About the National Company

The National Company for Mechanical & Electrical Works SAE, was formed in 1999. The Company is a subsidiary of KHARAFI NATIONAL, which in turn is a part of the M.A. KHARAFI Group in Kuwait. National Company is one of the leading companies in the construction of infrastructure networks. The Company is currently executing major electro-mechanical works in Marsa Alam on the Red Sea and has executed major natural gas distribution networks in El-Behera, El-Salam City, 6th of October and Alexandra and has completed more than 600,000 km of underground piping and conversion works.

About SODIC

SODIC is Egypt's fastest growing Real Estate Development Company and is currently developing a large number of Egypt's largest and most exciting projects in the most lucrative real estate sectors. These developments range from residential projects of different types to retail, commercial and even full-fledged city centers aimed at becoming the main urban hubs of both east and west Cairo. SODIC is listed on the Cairo Stock Exchange (Ticker OCDI) and has grown its market capitalization over six fold, from under EGP 750 million (US$150 million) in 2006 to around EGP 5 billion (nearly US$1 billion) today. For more information please visit our website at www.sodic.com.