Egyptian real estate firms’ equities doubled in June – EGX chairman

There are 13 real estate companies listed in the Egyptian stock exchange (EGX), with total equities being grown to 77.7 billion Egyptian pounds ($4.1 billion) in June from 19.1 billion pounds, EGX chairman said on Monday.

Speaking at the seventh edition of the Builders of Egypt Forum, Mohamed Farid said all the EGX-listed companies’ main objective was to secure financing in order to carry out more projects.

The capital of these companies also increased in June by 40 percent to 42.7 billion pounds, compared to 1.1 billion pounds on the first day of being listed on the EGX, Farid added.

He further said that companies such as Palm Hills, SODIC and Madinet Nasr Housing had managed to double their business volume after their listing on the EGX. For medium-sized listed companies, Farid said that their total assets increased from 1.1 billion pounds to 12.3 billion pounds.