Egypt’s stock market is concluding the procedures required to list UAE Etisalat’s Egyptian unit and Emaar Egypt by early 2015, said chairman Mohamed Omran.
Omran added in a statement to UAE AlBayan newspaper that listing of the two companies is linked to conducting the proceedings properly, because the official listing in the market requires a series of actions and plans taken by the company to comply with the listing rules and to accomplish success in the market.
The market regulator – the Egyptian Financial Supervisory Authority (EFSA) had been in talks with the two companies to reach a final agreement on listing their stocks in the Egyptian market early this year.
This comes after the two companies had previously announced delaying listing their stocks on the Egyptian Exchange (EGX) due to concerns over unstable political situation in the North African country. Yet, they are currently close to agree with investment banks and financial institutions so as to manage their IPOs on the EGX.
The willingness of some Gulf companies to list their stocks on the EGX is driven by the promising investment opportunities in the Egyptian market in the coming period, he noted.
Meanwhile, Dr. Hassan Fahmy – Chairman of General Authority For Investment & Free Zones (GAFI) stated that there are several incentives to allure more Gulf investments and to facilitate the rules of listing on the EGX.
Egypt has been negotiating with Emaar, Jumeirah and a number of other Emirati companies over expanding their activities in Egypt, particularly in hotels and hospitality sector.