Ashraf Farid, head of operations at Six of October Development and Investment (SODIC), said that the company’s lands, which were allocated by direct order from the government, are 100 percent codified, Al-Alam Al-Youm reported.
He added that, the company is abiding by instructions New Urban Communities Authority and construction licenses, noting that contracts with government are legal.
Egypt was lucky amid global financial crisis as mortgage wasn’t huge, he told the daily paper, adding that SODIC benefited from the crisis as investors also wanted to benefit from declining prices. The company launched two phases that have been completely sold.
He pointed out that, the reason behind lack of dividends is the size of huge projects in addition to accounting system which doesn’t set unit’s price unless its price was completely paid, the paper reported.
