SODIC, Egypt's third-biggest listed developer, said it was assuming zero sales for 2011 but remained optimistic about Egypt's growth prospects, after three weeks of political unrest had unnerved investors.
The high-end real estate firm, which does not fully recognise revenue until it delivers units, has cash in reserve and strong cash flows, as well as limited outstanding debt and land debt, its chief executive told Reuters.
Egypt's property sector has been a major driver of foreign investment and growth, but was hit last year by a string of legal rows over state land sales. Analysts are watching the sector to see how it fares after the political turmoil.
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