Cityscape Intelligence is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

NEOM The Line: Winner of KSA Awards – Sustainability

Article-NEOM The Line: Winner of KSA Awards – Sustainability

Urban revitalisation, it’s a term which cities are embracing. Who can blame them? With the COVID-19 pandemic, rising sea levels, and concerns over the world’s growing carbon footprint, cities are re-examining how they are designed.

SMART CITY

For new cities though, they have the advantage today of responding to design challenges. Take Saudi Arabia’s The Line, part of the government’s slew of giga projects. Announced in 2021, The Line is a 173km high-speed transport and data corridor through northwest Saudi Arabia and is the lynchpin in the kingdom’s futuristic smart city, NEOM.

It’s the reason why The Line has emerged the winner of this year’s sustainability category in the Cityscape Intelligence KSA Awards.

With 95% of the world’s transport relying on fossil fuels, The Line proposes a car-free city that centres on walkability and nature, and according to Florian Lennert, Head of Mobility at NEOM, will completely redesign the relationship between people and mobility, creating a forward looking global city.

2.jpg

ZERO-CARBON CITY

From autonomous electric shuttles, no-demand local connectivity, and pedestrian-friendly piazzas and green, liveable urban spaces, The Line is the Gulf’s answer to the 15-minute city, removing the need for roads and cars with the goal to become the Saudi Arabia’s first zero-carbon city.

Each neighbourhood’s key amenities, such as schools, medical clinics, leisure facilities as well as green spaces, will be within short walking or cycling distance and in proximity to public transit.

INVESTMENT

The Line is expected to be a magnet for investment and a major boost Saudi Arabia’s economy, projected to create 380,000 jobs and adding USD 48 billion to GDP by 2030.

3.jpg

PROJECT FACTS

Developer: NEOM Company

Location: Linking the coast of the Red Sea, northwest of Saudi Arabia, Red Sea

Economic crossroads: Direct access to global and Saudi markets

Snapshot of green credentials:

  • No cars
  • Pedestrian-first approach
  • Maximum 20-minute commute
  • Green spaces
  • Powered by 100% renewable energy
  • Smart city infrastructure

 

 

DRIVERS OF CHANGE: Top 20 most Influential Sustainable MENA Real Estate Professionals. You can nominate a peer, colleague, line report, or a key figure in real estate who is making a significant strides towards the MENA region’s green transition here.

King Salman Energy Park – SPARK to add USD 6 billion to KSA’s GDP

Article-King Salman Energy Park – SPARK to add USD 6 billion to KSA’s GDP

Developed and operated by Saudi Aramco, King Salman Energy Park (known as SPARK) is a megaproject being constructed and located between Dammam and Al-Ahsa in the Eastern Province of Saudi Arabia.

The project emerged as the winner of the tech & innovation category as part of Cityscape Intelligence’s KSA Awards.

BOOST THE COUNTRY’S GDP

King Salman Energy Park,  SPARK, is a subsidiary of Saudi Aramco and is being developed to capture the full economic value from energy-related goods and services in Saudi Arabia and throughout the region – localizing value creation through dedicated industrial development.

SPARK is a fully integrated industrial ecosystem, spaning an area of 50 square kilometers.

SPARK is being developed with a vision to become the leading gateway to the regional energy sector, providing a complete spectrum of solutions to support business growth in the Kingdom.

SPARK is also the first and only industrial city in the world to achieve silver LEED certification, offering infrastructure at international standards for global investors in the oil and gas, refining, petrochemical, power and water production as well as treatment industries.

SPARK1

 

MAJOR GLOBAL ENERGY COMPANIES

Execution is planned over three phases. SPARK has completed 80% of its first phase, which consists of infrastructure, roads, utilities and real estate assets established across 14 square kilometres; phase one is set to be completed in 2021. This is in addition to a dedicated three-square kilometers logistics zone and dry port.

SPARK is expected to contribute more than USD 6 billion to the Kingdom’s GDP and to create thousands of direct and indirect jobs at maturity stage. SPARK will also cultivate and nurture small and medium-sized enterprises and will stimulate innovation and entrepreneurship in the energy sector.

SPARK2

PROJECT FACTS

Developer: Saudi Aramco

Location: Eastern Province of Saudi Arabia

Zones: Dry-port & Logistics, Industrial, Residential, Commercial, training and learning

Investors: 23 companies including Baker Hughes, Halliburton, Yokogawa and Schlumberger

 

WANT MORE REAL ESTATE INSIGHT? 
Subscribe to the Cityscape newsletter here

 

Parisiana Boulevard: Retail award winners

Article-Parisiana Boulevard: Retail award winners

Located in the downtown area in Riyadh, Parisiana Boulevard is touted as Saudi Arabia’s haven for shopaholics.

Set among a bustling community, amid green landscapes and water features, Parisiana Boulevard offers more than 3000 sqm of leasable space dedicated to retail.

For developer, Dar Ar Al Arkan there was a need to create a retail boulevard located in the heart of Riyadh with a diverse range of globally famous brands.

Parisiana2

PARISIANA

The retail sector is part of Parisiana in Riyadh, which spans a total area of 816,000 sq.m and a built-up area of 1.2 million sq.m.

The masterplan includes an integrated community with 2,797 apartments called Parisiana South and Parisiana Residence, 254 villas called Parisiana Living and about 25,000 sq.m of office space overlooking the main streets of the project.

In addition, the project is integrated with facilities for the public on more than 53% of its total area. This includes government offices, administrative buildings, a public park, schools and mosques.

Parisiana3

PROJECT FACTS:

  • Developer: Dar Ar Al Arkan
  • Location: Riyadh, Saudi Arabia
  • Area: 816,000 sq.m
  • Population: Around 1.5 million people live around the Parisiana Boulevard, and 20,000 residents are staying within the complex
  • Status: Completed

 

KEEP UP WITH THE REAL ESTATE INDUSTRY
Subscribe to the Cityscape Intelligence newsletter here
 

Red Sea Project: Biodiversity takes centre stage on KSA’s gateway island

Article-Red Sea Project: Biodiversity takes centre stage on KSA’s gateway island

With conservation and biodiversity taking centre stage, Coral Bloom on Shurayrah Island, The Red Sea Project has been touted as a sustainable tourism destination that is inspired by Saudi Arabia’s unique fauna and flora.

“Shurayrah Island is the gateway to The Red Sea Project so it’s important that it sets the standard in groundbreaking architecture and sustainable design, not just for our destination, but globally too. This is achieved by going beyond simply protecting the environment, to applying a regenerative approach,” according to the developer.

Featuring 11 hotels, the island’s natural landscape will ensure that all villas and hotels will be strategically nestled within its natural environment. 

CoralBloom_NaturalHabitat

A GROWING DEMAND FOR SPACE

Shifting with the current climate, hotel designs have also been responsive to the changing world and traveller demands over the last 12 months. There will be no internal corridors for example, in response to a growing demand for space and seclusion following the COVID-19 pandemic. The resorts themselves will be created using lightweight materials with a low thermal mass and manufactured offsite, meaning more energy efficient construction and less impact on the environment.

THE EMPHASIS ON BIODIVERSITY

For the developer and the architects – Foster+ Partners – behind the project, biodiversity considerations take centre stage, with the plan designed to avoid disruption of the island’s mangroves and other habitats, providing natural defences from erosion, while new habitats are created through landscaping to enhance the island’s natural state. The design will also see new beaches created on the dolphin-shaped island along with a new lagoon. These enhancements will contribute to raising the level of the land, providing a defensive layer from the global threat of rising sea levels.

OPENING NEW AREAS OF ECONOMIC ACTIVITY

Coral Bloom is part of The Red Sea Development Project Upon completion in 2030, The Red Sea Project will comprise 50 resorts, offering up to 8,000 hotel rooms and around 1,300 residential properties across 22 islands and six inland sites.

As part of Saudi Arabia’s giga-projects announced by the government, The Red Sea Project will open new areas of economic activity, create jobs, cultivate entrepreneurial activity, and drive economic development in line with the objectives of Vision 2030.

By completion, the Red Sea Project will directly employ around 35,000 people and support an equivalent number of jobs in the wider community by creating opportunities for local businesses, entrepreneurs and supporting industries.

CoralBloom_AerialView

PROJECT FACTS:

  • Architect: Foster+Partners
  • Project developer: The Red Sea Development Company
  • Project Location: West Coast, Saudi Arabia
  • Completion date:  12/31/2022

SUSTAINABILITY AIMS:

The project will include the largest district cooling plant powered by renewable energy 24 hours a day to facilitate efficient centralized cooling across the destination. The entire destination will be powered by renewables, underpinned by the largest battery storage system in the world.

 

DRIVERS OF CHANGE: Top 20 most Influential Sustainable MENA Real Estate Professionals. You can nominate a peer, colleague, line report, or a key figure in real estate who is making significant strides towards the MENA region’s green transition here.

State-of-the-art campus in KSA to encourage relationship with community

Article-State-of-the-art campus in KSA to encourage relationship with community

Designed by architects’ Godwin Austen Johnson (GAJ), ISG School Campus in Al Khobar, KSA, has been awarded winner of a special category in the Cityscape Intelligence KSA Awards, after it caught the judges attention for its ability to blend state-of-the-art design with the evolving needs of the 21st century learner.

INTERCONNECTED SERIES OF BUILDINGS

Located in the up-and-coming area of Aziziyah, to encourage a relationship with the community, the ISG School Campus will accommodate both American and British curricula within an interconnected series of buildings and shared facilities and will cater to a total of approximately 2500 students. The idea behind it: to create a modern campus that blends state-of-the-art design with the evolving needs of the 21st century learner.

Architects wanted to break down the traditional idea of two separate schools and instead focus on shared values as being part of the design approach within the masterplan. With a kindergarten courtyard in the middle of the masterplan, the space is a boundary free and will encourage social interaction between the students and lay the foundation for greater collaboration between both schools.

12 ISG Kids area drone shot_Fron

EMPHASIS ON FLEXIBLE DESIGN

Rashed Al Rashed, the developer behind the campus wanted to create an international co-ed facility with an emphasis on flexible design to accommodate different modes of learning – lectures, discussions, seminars and small group activities. 

For GAJ, this meant that the design direction needed to incorporate an optimal balance between architecture and environment, tradition and innovation, form and function to create a nurturing environment for students and faculty.

Put simply, ‘the new school will be an opportunity to rethink and reinvent educational architecture’, say GAJ.

They go onto add: “It will be an opportunity to offer a balanced schooling solution that embodies a flexible delivery of curriculum for the sciences, language, math, creative media, communication, wealth creation and enterprise, encouraging character, tolerance, global perspective and respect, within a fittingly innovative physically interactive, playful, stimulating and inspiring school environment.”

3 ISG Entrance_British FACADE

PROJECTS FACTS:

  • Architect: Godwin Austen Johnson (GAJ)
  • Developer: Rashed Al Rashed
  • Location: Al Khobar, KSA
  • Attention to air quality and lighting: Lighting is a critical element of the learning environment and it was important to get this right for student comfort and to meet energy efficiency demands. Equally important is the air quality. Ventilation systems controlled by demand are the most effective at maintaining good levels of indoor air quality, without using excessive amounts of energy. 
  • Expected completion date: August 2021

 

WANT MORE REAL ESTATE INSIGHT? 
Subscribe to the Cityscape newsletter here

LEED certified residential community in Riyadh designed to attract researchers & scientists

Article-LEED certified residential community in Riyadh designed to attract researchers & scientists

Set against the backdrop of the King Abdullah Petroleum Studies and Research Centre (KAPSARC), this residential community will be home to some of the world’s best scientists and researchers once complete – and this year’s winner in the residential category of the Cityscape Intelligence KSA Awards.

Designed by global design, architecture, and engineering firm, HOK, the Riyadh-based project has been designed to attract the world’s leading minds as part of KAPSARC’s research into global energy economics, bringing together an international group of experts researchers of more than 15 nationalities.

AMENITY-RICH

HOK who was commissioned to design the residential component within KAPSARC and immediately wanted to create a ‘home-away from home’ for the international researchers and their families. “To attract the world’s best scientists, the neighbourhood needed to be both amenity-rich and aesthetically striking,” notes the architects.

As a result, HOK’s design features a sleek glass and stone community buildings, which includes apartment buildings, dining facilities, a mosque, library, recreational facilities including a swimming pool, bowling alley, a rec centre, shops – and family homes with 11 different layouts. “A massive sunshade structure in the heart of the neighbourhood creates an outdoor gathering space for KAPSARC’s 1,900 residents,” says HOK.

KAPSARC2

LARGEST LEED NEIGHBOURHOOD DEVELOPMENT IN THE MIDDLE EAST

But perhaps the most impressive thing about the residential component is its green credentials. Built by HOK, the solar energy field was built over an area of 592, 000 square feet and is projected to feed 5,800 megawatt hours of renewable energy into the kingdom’s electrical grid annually.

It’s the reason why the project became the first and the largest project outside of North America to achieve LEED for Homes certification.

According to HOK, it was one of the first projects included in the LEED for Homes International Pilot Programme and is also the largest LEED Neighbourhood Development (ND) project in the Middle East and the largest LEED ND Stage 2 (built) project in the MENA region.

KAPSARC Aerial View

PROJECT FACTS:

  • Architect: HOK
  • Client: Saudi Aramco
  • Site size: 500 acres / 200 hectares
  • Building certifications: 191 single family homes (188 Gold, 1 Silver and 2 Certified and LEED Homes International Pilot); 7 community amenity and multifamily buildings (LEED-NC Platinum); LEED Neighbourhood Development.

 

LOOKING TO ENHANCE YOUR REAL ESTATE KNOWLEDGE? 
Sign up now to the Cityscape Intelligence newsletter here

2021 Awards' winners revealed: Saudi Arabia’s biggest and boldest real estate projects

Article-2021 Awards' winners revealed: Saudi Arabia’s biggest and boldest real estate projects

Over the next few years, Saudi Arabia’s landscape will undergo major changes as new cities, skylines and ambitious projects begin taking shape. From new innovative buildings and cities to tourism projects that are redefining sustainability, Cityscape Intelligence judges pored over submissions of projects that will transform the country into an investment and tourism hub. HERE ARE THE WINNERS IN EACH OF THE CATEGORY:

COMMERCIAL - OFFICE

WINNER: AIRPORT CITY

Inspired by nature, history, and local architecture, Airport City in Jeddah are a new urban district and this year’s Cityscape Intelligence’s KSA Awards winner in the commercial - office category. In fact Airport City,  Jeddah’s new mixed-use urban district will skilfully combine sustainability, traditional architecture, and artistry to create a tourism and investment hub... Read more

Airport city.jpg

SHORTLISTS:

  • King Salman Global Maritime Industries Complex Project
  • The Avenues – Riyadh
  • King Abdullah Financial District

 

SUSTAINABILITY

WINNER: NEOM - THE LINE

Saudi Arabia’s NEOM, The Line has nabbed the sustainability award in Cityscape Intelligence’s KSA Awards due to plans to revolutionise the liveability and its aims to be Saudi Arabia’s first zero-carbon city... Read more

Neom.jpg

SHORTLISTS:

  • King Abdullah International Gardens
  • Sharaan Nature Reserve
  • Prince Sattam Park

 

RESIDENTIAL

WINNER: KING ABDULLAH PETROLEUM STUDIES AND RESEARCH CENTER, RESIDENTIAL COMMUNITY

Set against the backdrop of the King Abdullah Petroleum Studies and Research Centre (KAPSARC), this residential community will be home to some of the world’s best scientists and researchers once complete – and    this year’s winner in the residential category of the Cityscape Intelligence KSA Awards....Read more

KAPSARC.jpg

SHORTLISTS:

  • Jeddah Tower
  • Verde - Dar Al Arkan 
  • SUKNA LIVING COMMUNITY

 

LEISURE & HOSPITALITY

WINNER: CORAL BLOOM DESIGNS, SHURAYRAH ISLAND, THE RED SEA PROJECT

With conservation and biodiversity taking centre stage, Coral Bloom on Shurayrah Island, The Red Sea Project has been touted as a sustainable tourism destination that is inspired by Saudi Arabia’s unique fauna and flora...Read more

Coral bloom.jpg

SHORTLISTS:

  • Amaala
  • King Salman Park
  • Corniche Hotel

 

COMMERCIAL - RETAIL

WINNER: PARISIANA BOULEVARD, RIYADH

Located in the downtown area in Riyadh, Parisiana Boulevard is touted as Saudi Arabia’s haven for shopaholics. Set among a bustling community, amid green landscapes and water features, Parisiana Boulevard offers...Read more

PArisiana.jpg

SHORTLISTS:

  • Al Widyan
  • Strip Mall Retail Development Project - Shams Al Riyadh
  • The Smart Square Project – Riyadh

 

TECH & INNOVATION

WINNER: KING SALMAN ENERGY PARK - SPARK

Securing the tech and innovation award as part of Cityscape Intelligence’s KSA Awards, King Salman Energy Park – SPARK, is expected to add USD 6 billion to the kingdom’s GDP... Read more

SPARK.jpg

SHORTLISTS:

  • King Abdullah Economic City
  • Jeddah Metro
  • Makkah Public Transport Programme

 

SPECIAL CATEGORY:

WINNER: ISG SCHOOL CAMPUS

Designed by architects’ Godwin Austen Johnson (GAJ), ISG School Campus in Al Khobar, KSA, has been awarded winner of a special category in the Cityscape Intelligence KSA Awards, after it caught the judges attention for its ability to blend state-of-the-art design with the evolving needs of the 21st century learner....Read more

ISG Campus.jpg

 

Cityscape Intelligence would like to congratulate all winners and thank everyone who submitted a nomination.

 

Cityscape Intelligence Videos

Abu Dhabi: an emerging and new world city

Video-Abu Dhabi: an emerging and new world city

Video first published on 3 May 2020

According to JLL’s The Business of Cities: Demand and Disruption in Global Cities, Abu Dhabi has been ranked as a hybrid city, characterised as both an emerging and new world city. 

Emerging global cities have established themselves as centres of finance, business services, and retail. These cities are at the crossroads of serving the domestic market and enjoy strong exposure to the global economy. New World Cities also stand out and have gained a competitive advantage on the global stage because of their innovation capabilities, lifestyle or brand, and influence.

“It’s an interesting time for global real estate investments and capital flow trends as several different factors are at play when it comes to the attraction of cities. Abu Dhabi and Dubai have both capitalised on the ease of doing business within the cities and the governments continue to launch numerous initiatives to stimulate demand and create an attractive investor environment,” says Dana Salbak, Research Director at JLL MENA.

The report reveals that economic fundamentals are no longer a city’s main draw for corporate occupiers and investors but, quality of life, innovation, sustainability, governance, and resilience increasingly factor into location and investment decisions. Cities that adapt to new economic models, such as the innovation economy, experience economy, sharing economy, and circular economy, will enjoy new sources of real estate demand and attract higher cross-border investment.

FULL ARTICLE HERE

How challenges & opportunities will shape the conversation for architects in 2021

Article-How challenges & opportunities will shape the conversation for architects in 2021

WHAT ARE SOME OF THE BIGGEST CHALLENGES FOR DESIGNERS AND ARCHITECTS POST-2020?

We are a boutique design studio based in London, working on international projects, so from a global perspective we think the biggest challenge would be holding onto some of the positives that have emerged from the pandemic after each territory begins to ease restrictions. It has been over a year since The World Health Organisation first declared the outbreak of COVID-19 a pandemic and we have since seen the very positive effects on the environment and communities; wildlife habitats thriving as human activity decreased, communities pulling together to help each other in new ways, better awareness of mental health and wellbeing - and big corporate companies supporting families working from home in a capacity never imagined before. It has also been wonderful to see a flourishing of creativity as people and businesses have adapted to the change. Local artisan trades have been noticed, using new technology to connect people, customers and services - from home deliveries to online learning and virtual theatres.

However, as designers and architects, our challenge is how can we best support our clients and projects to encourage the pandemic’s positive effects to remain in a sustainable way? I think we can all sense the frustration of people wanting a return to some degree of normality; to travel, to be inspired, to socialise and to be hugged! As creatives, we need to think even more carefully about the possible scenarios and user behaviours - allowing for flex and future proofing whilst not unravelling all the good changes.

THERE HAS NEVER BEEN A BIGGER EMPHASIS ON SPACE AND DESIGN - FROM REDESIGNING F&B TO NEW OFFICE DESIGNS POST PANDEMIC - WHAT HAS BEEN THE BIGGEST SHIFT TO HOW YOU DESIGN FROM PRE-PANDEMIC TO POST?

Our design approach typically involves tailoring a space to meet a client’s requirements whilst offering flexibility. I think engineering flexibility through ‘multi-use space’ is even more relevant post-pandemic. For example, an office building will have to be much more than a desk and meeting room filled space - the building will now have to work harder to attract staff back into the work community and support their needs when they choose to be there. Surveys show that most people only want to return to the office some of the time for critical face to face meetings, deep work concentration tasks, or just to escape the familiarity of home! We are currently working with an office client who has recognised these needs and will be providing a variety of new post pandemic work settings such as dedicated ‘Zoom booths’ and a ‘Wellness’ floor where staff can engage in a slower, more ‘mindful’ pace of work in support of mental health and productivity.

For F&B spaces, the focus will be on outdoor coverage as restrictions ease - a new celebration of al fresco dining. In terms of long-term post pandemic F&B design, it may be that outlets need to be more mobile and ‘pop-up’ to future proof any further pandemics.

WHAT WAS THE MOST MEMORABLE PROJECT YOU WORKED ON DURING THE PANDEMIC AND WHY?

Our most memorable project was for Little Dot Studios just because the project went through the rollercoaster ride of the pandemic, but came out thriving due to the positive outlook of the client and the other design consultants.

Little Dot is an online broadcaster, producing and managing content across various media platforms. For the last six years, the company has grown exponentially and as a result bounced between temporary office locations. 2020 was their year to lay down roots and create a home base for their founders as well as their predominantly millennial workforce. However, as the construction of the project kicked off, so did the lockdown and all activity halted. There was a discussion about whether the project should be shelved, stripped back or changed to accommodate the unknown. Following a review, the client team took the optimistic approach and decided to proceed with the project as intended because it enabled them to support their production activity whilst continuing to nurture their young workforce. Little Dot’s teams required access to a ‘physical’ community space where they could meet - albeit now a in socially distanced space. And they needed their specialist editing equipment set up because the technology cannot be easily replicated for home working. The office is now open and being used within social distance guidelines with positive feedback from staff who have been able to continue their creative process within in a protected environment.

Little Dot Studio

EDUCATION DESIGN IS A BIG FOCUS FOR YOU - HOW HAS DESIGNING SCHOOLS CHANGES OVER THE LAST YEAR?

We have recently seen students returning to the classroom as home schooling is not sustainable. As with our office designs, we will be looking to introduce dedicated interactive technology spaces - and at the opposite end of the spectrum, a series of ‘wellness’ spaces addressing metal health for our future schools.

We currently have two British expat school projects under construction in Muscat due to open in September 2021: Cheltenham College and Downe House School operated by Edureach. We are the interior designers for the schools working with the lead architect, Graphite International. The school operator hired us as we have experience of Middle Eastern culture, yet being based in the UK meant we can easily liaise with the founding UK schools and help them carry their ethos to the new region. How has designing schools changed in the last year? To be honest, there has been little change in our approach to new school design. On a small scale, we have changed some furniture specifications to allow social distance spacing, but the core spaces within the schools remain unchanged. This is because modern school design is built around large ‘shared learning’ spaces which are generally big community spaces between standard classrooms. The shared learning spaces allow teachers to set up any activity and allow engagement across the multiple subjects and year groups.

However, back in Europe where we have historic dense cities and limited space, modern school design is more challenging. We are also working with an independent London school to identify a property to renovate for their next satellite campus, but finding the optimal fit post pandemic has been struggle considering social distancing space requirements.

CCM School Kindergarten Indoor Play Area.jpg

WHAT ARE SOME OF THE BIGGEST LESSONS THAT YOU WILL BE TAKING INTO 2021?

I think there has been a lot of noise about the future of design during the pandemic, post pandemic and ‘the new normal’. As a small business, we have learnt to focus on what we enjoy, which is being creative and authentic.

Outside of our business, we have observed the fragility of big corporates while local artisans have thrived during the pandemic. I think this success is attributed to applying world class quality within a local context. In age where the world is online, people want to buy local experiences, products and services to feel part of a community and in support of that community. We hope to carry this sense of locality and authenticity through with our future projects.

Aldar offers to buy majority stake in Egypt’s SODIC

Article-Aldar offers to buy majority stake in Egypt’s SODIC

Abu Dhabi’s largest real estate developer, Aldar has made an offer to buy a majority stake in Egypt’s Six of October for Development and Investment Company (SODIC).

Headquartered in Cairo and listed on the Egyptian Exchange (EGX), SODIC is one of Egypt’s leading real estate companies, developing commercial, residential and retail projects across Cairo.

According to reports, the purchase price per share is approximately 18 to 19 Egyptian pounds, with the deal valued at around USD 420 million.

The offer represents a 14% premium to SODIC’s closing price.

 

WANT MORE REAL ESTATE INSIGHT? 
Subscribe to the Cityscape newsletter here