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Egyptian real estate developer SODIC appoints managing director

Egypt's third-largest real estate developer reshuffles management, appoints new managing director

Reuters , Tuesday 8 Sep 2015
SODIC
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Egypt's SODIC has appointed Maged Sherif as managing director and board member, the country's third-largest listed real estate developer said in a statement on Tuesday.

Sherif will take over from Ahmed Badrawi, who announced his resignation in June.

He joins a company which is targeting sales of 4 billion Egyptian pounds ($524 million) this year, up from 3 billion in 2014. SODIC, also known as Sixth of October Development and Investment Co, targets upper middle income consumers.

Demand for new housing remains strong and the sector has shown resilience in the face of political turmoil.

President Abdel Fattah al-Sisi, the former army chief who ousted Egypt's president in 2013 following mass protests, has promoted several housing schemes.

Sherif has held several previous roles at real estate developers, most recently as Chief Executive Officer at Egypt's Hyde Park Properties, according to his LinkedIn page.

He also ran the Egyptian business of Dubai's Majid Al Futtaim Properties, and has held various positions at Egypt's second-largest listed property developer Palm Hills .

He holds a bachelor's degree in engineering from Cairo University and an MBA from the American University in Cairo, SODIC said in its statement.

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