Egypt’s Naeem Holding to Cross-List on Abu Dhabi Exchange

Naeem Holding for Investments has received approval from the United Arab Emirates’ financial regulator to list on the Abu Dhabi exchange, the firm said, a further sign of closer economic ties between Egypt and the Gulf.

“Coordination is ongoing with the Abu Dhabi market and the necessary measures for receiving the approval of the Egyptian Financial Supervisory Authority are being taken,” Naeem Holding said in a statement late on Monday.

It gave no further details of the timing or size of the listing.

Countries like the UAE, Saudi Arabia and Kuwait came to Egypt’s aid last year – pledging more than $12 billion to help its ailing economy – after the army overthrew the country’s first elected leader Mohamed Mursi following mass protests against him. The Gulf largely mistrusts Mursi’s Muslim Brotherhood group, labeled a terrorist group in Egypt last year.

Earlier this month, the UAE’s Arabtec Holding – Dubai’s largest listed construction firm – agreed with the Egyptian army to build one million houses for low income Egyptians in a project worth $40 billion.

Egypt’s economy has been battered by more than three years of political turmoil after a mass uprising ousted autocrat Hosni Mubarak in 2011 and caused many foreign investors and tourists to flee the country.

Source: Reuters