CAIRO: Sixth of October for Development and Investment Company (SODIC) bought 29.65 percent of Environmental Quality Tourism International (EQTI) for LE 17 million, the company announced yesterday.
SODIC’s investment brings EQTI’s capital up to LE 58 million, and will help it expand its’ current nature lodge operations in Egypt to other key locations nationwide and regionally, the companies said in a press statement.
EQTI is the owner of the Adrere Amellal eco-lodge in Siwa. SODIC’s management indicated that EQTI would also help SODIC diversify and provide access to the fast-growing ecological tourism market.
The amount paid is just 3 percent of SODIC’s cash balance as of June 30. “This investment underscores our commitment towards diversifying across the various real estate segments said Maher Maksoud, SODIC’s Managing Director.
“It also helps advance Egypt’s position as a leading eco-tourism destination, to service the growing market of environmentally sensitive and culturally minded travelers worldwide.
