SODIC, a leading real estate developer in Egypt, has secured an EGP 7.5 billion ($147 million) medium-term financing facility from Commercial International Bank-Egypt (CIB) to fund the development and construction of its June project on the North Coast.

The deal underscores growing investment in Egypt’s North Coast, particularly Ras El Hekma, as the region develops into a major destination for real estate, tourism and international investment.

SODIC’s June project

The June development covers 280 feddans in Ras El Hekma and is designed as a Miami-inspired beachfront destination. The project features a sandy beach, clear seawater, a vibrant promenade and a beach club, positioning it at the intersection of Egypt’s luxury real estate and tourism markets.

The financing agreement was signed by Amr El Ganainy, CIB’s deputy CEO and executive board member, and Ayman Amer, general manager of SODIC Group, alongside senior executives from both companies.

“This financing comes as part of the longstanding strategic partnership between CIB and SODIC,” El Ganainy said, adding that the facility supports the developer’s expansion plans and the wider growth of Egypt’s real estate and tourism sectors.

He said financing June would also support development in Ras El Hekma, which is emerging as one of Egypt’s leading investment and tourism destinations and attracting greater interest from local and international investors.

SODIC’s three-decade expansion

Founded in 1996, SODIC is one of Egypt’s leading real estate developers, with projects spanning West Cairo, East Cairo and the North Coast. The company develops large-scale residential, commercial and mixed-use communities and is listed on the Egyptian Stock Exchange under OCDI.CA.

Since 2021, SODIC has been backed by a strategic consortium led by UAE-based Aldar Properties and ADQ.

The developer says its communities are now home to more than 30,000 residents. It also reports that 91% of its projects have been delivered ahead of schedule, supported by its project management and governance practices.

CIB backs major projects

CIB is Egypt’s leading private-sector bank, providing financial products and services to more than 500 of the country’s largest corporations, as well as businesses, institutions and households.

The bank was founded in 1975 as Chase National Bank, a joint venture between Chase Manhattan Bank and the National Bank of Egypt. After Chase divested its stake to NBE in 1987, the institution was renamed Commercial International Bank.

The SODIC facility adds to CIB’s role in financing major projects across Egypt’s real estate and tourism sectors as the North Coast attracts new development and investment.