CAIRO: Solidere, the award-winning Lebanese real estate development company, is expanding its presence in Egypt by launching a fully-owned subsidiary Solidere-Egypt, according to a press statement. With its 14-year experience in the development and reconstruction of Beirut Central District, Solidere has an unmatched track-record and multidisciplinary set of skills in city-making. In addition to Beirut, Solidere International has projects in the UAE, Saudi Arabia and now Egypt. In Egypt, Solidere has forged a partnership with SODIC to develop two of Egypt's first and largest mixed-use city centers in SODIC developments in Sheikh Zayed City - on Cairo-Alexandria desert highway - and in Kattameya/New Cairo. Both Sheikh Zayed city and Kattameya are growing to be Cairo s main suburbs. SODIC owns significant properties that are strategically placed in both of these locations. Solidere's Chief Operating Manager in Egypt, Hisham Karameh, voiced his company's excitement at entering the Egyptian market through their partnership with SODIC, and says Solidere is looking forward to develop and co-manage these developments once they are completed. These projects are some of the largest real estate developments in Egypt with over LE 22 billion of investments. Maher Maksoud, CEO of SODIC, said, SODIC is delighted to partner up with Solidere International as it provides a wealth of knowledge, expertise, and proven track record in the development of fully functional mixed-use city centers. Solidere has gained international recognition and has won numerous awards for its town-planning. One of these awards was the United Nation's prestigious "Habitat II prize, awarded to Solidere in Istanbul in 1996. The Habitat II prize is awarded every 20 years, and the Solidere Beirut project was selected ahead of 600 other international development projects. Together SODIC and Solidere are in a unique position to capitalize on the opportunities in Egypt's booming real estate sector.
