Real estate developer Rooya says to complete Egypt IPO before 2016-end

Egypt-based property developer Rooya Group is planning to list some of its shares on the country’s bourse before the end of 2016, its chief executive Hisham Shoukri said Sunday.

“The listing on the bourse should be complete before the end of this year, and we are currently working with one of the financial consulting firms to set the fair value.”

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.