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Company News

Coronavirus makes contract target hard to meet for Egypt's SODIC- CEO

CAIRO, Nov 15 (Reuters) - The CEO of Egyptian real estate developer SODIC said on Sunday that the coronavirus pandemic had made it hard to achieve an 8.4 billion Egyptian pound ($540 million) contracting target for 2020.

CEO Maged Sherif said the pandemic had cut into sales and receivables and caused sales contract cancellations, but the situation had now returned to normal.

Investments in the SODIC East project had reached 17 billion pounds, with expected sales of 44 billion pounds, Sherif said. ($1 = 15.5600 Egyptian pounds) (Reporting by Ehab Farouk Writing by Aidan Lewis Editing by Patrick Werr)

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