Abu Dhabi-based Aldar Properties is halfway through its due diligence process on an offer to buy a majority stake in Egypt’s Sixth of October for Development & Investment, and is looking for additional opportunities in the Arab world’s most populous country. It is one of a number of opportunities in Egypt and one of the most lucrative and attractive real estate markets. Earlier this year, Aldar – Abu Dhabi’s largest developer – submitted a preliminary non-binding offer to buy a minimum 51 per cent stake in Sodic in a deal that values the Egyptian company at about $420m. Aldar has been looking to expand abroad as it faces limited growth prospects in the United Arab Emirates.
Aldar may invest between $1bn to $1.5bn in the next 12- to 18 months on acquisitions abroad and at home. It’s also expanding its education and property management businesses. Aldar may sell bonds in the next three to six months if it finalizes some acquisition opportunities.