Real estate developer Rooya eyes 20-30% IPO on Cairo bourse in Q1

Rooya Group, one of fast-growing real estate developers in Egypt, plans to float 20-30 percent of its shares on the country’s bourse in the first quarter of 2016.

In an interview with Amwal Al Ghad, Hisham Shoukri – Rooya’s Chairman – said the listing plans aim to finance the Group’s projects in New Cairo, Ain Sokhna, North Coast, and Marsa Alam.

Founded in 2007, Rooya Group is one of Egypt’s fast-growing holding companies in the field of real estate development, tourism investment, contracting, and consultancy with investment of more than 4 billion dollars and capital of 1.2 billion pounds (US$ 157.3 million).

Rooya has a real estate portfolio of about 9 million square metres, with 6 million of that currently under development.