Dubai’s Emaar aims to raise EGP2 billion in Egypt IPO

Dubai’s Emaar Properties will list part of its shares on Egypt’s bourse within the second quarter of this year, two senior sources from the Egyptian capital market said on Monday.

The sources further stated that the initial public offering (IPO) would value Emaar Egypt unit at around 2 billion Egyptian pounds (US$270 million).

One of the Egyptian capital market sources, who spoke to Reuters on condition of anonymity, said: “within the coming few days, Emaar Misr will submit its papers for listing on (Egypt) bourse.”

“The IPO will be in the second quarter in God’s willing ….. The IPO is definitely to exceed two billion pounds.”

Emaar Misr has an investment portfolio of 53 billion Egyptian pounds ($7.41 billion), according to Misr’s website.

Its projects include Uptown Cairo, which is spread over 4.5 million square metres, and includes a business park, residential properties, resorts and a golf course.

In May 2014, Arabian Cement Co. was the first company to sell shares in Egypt since the 2011 uprising that ousted President Hosni Mubarak.

*This news story has been translated and edited by Amwal Al Ghad English