Late last year, the Abu Dhabi heavyweight acquired an 85 percent stake in SODIC, the company known for creating upscale mixed-use communities in Egypt.

Aldar-ADQ-owned Egyptian developer SODIC has made an offer to buy its peer Orascom Real Estate (ORE) as another mega-deal emerges in the country's real estate market.

The board of directors of ORE's parent company Orascom for Development has authorized SODIC to conduct due diligence on an "exclusive" basis.

If all the boxes are ticked during due diligence, an indicative purchase price of LE 2.46 billion can be offered for Orascom Real Estate.

Last year, Abu Dhabi-based Aldar Properties and ADQ purchased an 85.5% stake in SODIC, which has established a reputation for developing upscale residential communities.

The acquisition of Orascom Real Estate would therefore be considered a direct fit for SODIC and would give it a sizeable portfolio of building assets and land.

The proposed acquisition is consistent with SODIC's growth strategy to expand its product and portfolio of mixed-use residential communities in its core and target markets and, if completed, will strengthen SODIC's position as a leading national developer in terms of scale and reputation.

The Aldar-ADQ consortium continues to support SODIC's growth and development, enabling it to unlock opportunities and expand its network of businesses to drive growth and create value.

Egypt is seen as a market of possibilities by some of Abu Dhabi's largest companies, whether in real estate, banking, startup space or other sectors.