SODIC to raise hous­ing prices 20-30% on pound float

Kuwait Times - - BUSINESS -

Egyp­tian devel­oper SODIC will raise prices on res­i­den­tial units by 20-30 per­cent yes­ter­day in the wake of the cen­tral bank’s floata­tion of the pound on Nov 3, Chief Ex­ec­u­tive Maged Sherif said. Egypt’s third-largest listed real es­tate devel­oper has also de­cided to de­lay three new projects to the first half of 2017 from the fourth quar­ter of this year, he said. Egypt re­moved its peg of 8.8 pounds per dol­lar and floated the pound in a sur­prise move aimed at over­haul­ing its dol­lar-starved econ­omy and un­lock­ing for­eign in­vest­ments. The pound was trad­ing at around 15.5 to the dol­lar yes­ter­day. “We took the de­ci­sion to raise prices last Thurs­day af­ter the flota­tion of the pound,” Sherif said, adding that the de­ci­sion to de­lay three of their projects to next year came as the com­pany had al­ready achieved this year’s sales tar­gets and to take into ac­count the flota­tion of the pound.

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