Talal Al Dhiyebi, CEO of ALDAR Properties, says that the company is to invest an additional $1.5 bn in Egypt and the UAE, over the following few months.
This comes after the company pumps about $1.2 bn to acquire four commercial towers in the Abu Dhabi Global Market (ADGM), which is considered one of the largest real estate deals in the UAE.
Al Dhiyebi states that the company plans to expand its land portfolio in key areas in Egypt from the North Coast to the West and East Cairo and to the Red Sea in the future.
Moreover, Al Dhiyebi explains that Madinet Nasr for Housing and Development (MNHD) refuses ALDAR’s due diligence until increasing the acquisition offer, but ALDAR doesn’t have the necessary data to do that.
For its part, Sixth of October Development and Investment Company (SODIC), a subsidiary of ALDAR Properties, submits a non-binding offer (NBO) to acquire 100% of the shares of MNHD in a deal valued at EGP 6.18 bn pounds, with an average indicative price of EGP 3.30 per share.
Yet, MNHD’s board of directors asks ALDAR to reconsider the offer and price submitted to acquire its shares, as the offer does not fall in line with the real value of the company and its assets.