The UAE is ready to make some big real estate moves. A consortium led by property giant Aldar and holding company ADQ has made a tender offer of $1.27 per share to buy control of Egypt's property developer SODIC. The consortium, which is owned 70% by Aldar and 30% by ADQ, seeks a minimum of 51% of SODIC (OCDI) — valuing the company at $453m. After the interest was made public, SODIC's shares jumped 3.67% on the Egyptian Exchange.  

SODIC is one of Egypt's leading real estate agencies, having delivered 120 units in the first quarter of 2021 and having reported a $54m revenue — up 60% from the first quarter of 2020. A new residential project in West Cairo generated 35% of the quarter's sales, accounting for 52 sold units. The company is mainly focused on residential real estate, with non-residential projects accounting for only 3% of the company's gross contracted sales in 2020 — so if you're looking for office space in Cairo, probably don't ask SODIC.