Sodic names new MD
Cairo, January 30, 2013
The Board of Directors of Sodic, a leading Egypt property developer, has approved the appointment of Ahmed Badrawi, currently chief business development officer, as the new managing director of the company.
This follows the resignation of Maher Maksoud as the company's deputy chairman and managing director. Maksoud's resignation is effective March 31 and will end his seven- year term with the company.
During Maksoud’s term the company achieved outstanding operational and financial results, said a statement. Operationally, Sodic began construction of Sodic West, the largest planned mixed-use development in Egypt's Sheikh Zayed area, comprising a cluster of integrated real estate projects.
In addition, the company's acquired land plots increased 80 per cent reaching more than 9.4 million sq m, it said.
Financially, during Maksoud's tenure, Sodic's total investments reached LE 5.2 billion, while the value of delivered units stands at LE 3.8 billion. SODIC's total sales reached LE 7.6 billion, with gross profits of LE 668 million. Moreover, the performance of the company's stocks has been stronger than those of its competitors.
Badrawi, joined Sodic in 2006. He has worked extensively with Maksoud for the last seven years in an effort to achieve the company's consistent growth.
Badrawi holds a degree from the London School of Law and prior to joining Sodic, he worked as an entrepreneurial lawyer in the UK and the Gulf for 10 years. – TradeArabia News Service