Press releases

SODIC Awards an L.E. 455 million Construction Contract to Al-

Marasem International for Development

SODIC announced the award of an L.E. 455 million contract to Al-Marasem International for Development (“Al-Marasem”), one of the leading regional construction groups. The contract is related to SODIC’s Allegria project and covers the construction of the project’s internal and external walls as well as 313 villas within 17 months.

Since the project launch in April 2007, the execution of Allegria has made significant progress and remains well within schedule:
- Earth moving contract worth EGP 96 million was awarded in August 2007. 80% has been completed and works are on schedule for completion by Q4 2008.
- Infrastructure contract worth EGP 191 million was awarded in July 2008 to The National Company (subsidiary of M.A. Kharafi group). Infrastructure works are underway with 5% of the work already completed and with a 19 months target completion period.
- Golf course development is well underway with 50% of the works completed. Target is to complete the course by the end of 2008 and for it to be playable by Q2 2009.
- Golf course management was awarded in July 2008 to Troon Golf, the world’s leading luxury-brand golf management, development and marketing company.
- Masterplan won Award of Merit from the American Society of Landscape Architects. The project also won two awards in the categories of Best Development and Best Golf Development by CNBC Arabian Property Awards 2008.

Commenting on the signing of this Letter of Award, Maher Maksoud, SODIC’S Managing Director, said:

“Having succeeded in positioning Allegria as one of the most highly regarded residential developments in Egypt and having already sold over 800 villas our main priority is to match that success with strong execution of the project and to surpass our client expectations both in terms of schedule and quality. We are already working with regional and international leading consultants and contractors towards that objective. The award of the construction to Al-Marasem, the leading regional construction group, further underscores such commitment. Over the next few months, we plan to award construction of additional units, with the objective of completing the project by the end
of 2010.”

About Allegria

Allegria is a high end residential community project, developed over a 2.4 million square meter plot located on the Cairo Alexandria desert road in the emerging suburb of Sheikh Zayed (“West Cairo”). The project comprises over 1,000 villas and townhouses, planned over a Master plan by New York based EDAW – winner of Award of Merit from the American Society of Landscape Architects - 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 more than EGP 2.5 billion and delivery of the properties will 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 Al-Marasem International for Development

Al-Marasem International for Development is one of the leading regional construction companies with projects in Egypt, Saudi Arabia and the Gulf. The company provides construction, design & technical support services and has executed some of the leading projects around Egypt with a total value of EGP 1.6 billion since its establishment in 1997. The company also owns several businesses that provide feeding materials & services to complement its construction business.

About SODIC

SODIC is one of 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. The estimated total value of these projects is in excess of EGP 25 billion and are projected to be completed over the next 8-10 years. SODIC is listed on the Cairo Stock Exchange (Ticker OCDI) and is a constituent of the CASE30 index. For more information please visit our website at www.sodic.com.

For more information:

Engy Emad
Media Relations
T: 02-33050014
F: 02-33050024
M: 010-7774433
Email: eemad@oc.com.eg