DUBAI: The UAE’s Aldar Properties and investment company ADQ are seeking to buy a controlling stake in Egyptian property developer SODIC.
The pair submitted the request to Egypt’s Financial regulatory Authority (FRA) to acquire up to 90 percent of the developer.
The offer would value SODIC at $453 million at 20 Egyptian pounds per share, the companies said in a statement.
It comes as Abu Dhabi goes on an investment spree outside the UAE, with the aim to diversify income sources and veer away from oil-dependence.
Aldar makes up 70 percent of the consortium, while the state-backed ADQ covers the remainder.