Egypt's SODIC acquires land on Mediterranean North Coast

SODIC, one of Egypt's largest property developers, said on Tuesday it had acquired 100 feddans (42 hectares) of land on the Mediterranean coast to build the company's first coastal development.

The company said in a statement it had bought the land and all shares in Tabrouk Building Company in a deal worth 191 million Egyptian pounds ($25 million).

The announcement came weeks after the company said it planned 2.3 billion Egyptian pounds in new investments in 2015.

Egypt's once-booming construction sector was hit hard by the 2011 revolt that ended Hosni Mubarak's 30-year rule. Many large real estate contracts were cancelled in the wake of the uprising and investment dried up.

Four years on, the economy is showing the first signs of recovery, bringing an uptick in demand for property in the Arab world's most populous country. Government efforts to resolve investors' legal disputes have contributed to an improving outlook in the sector.