CAIRO: “The investment climate in Egypt is extremely positive, which is generating significant interests for new investments in the country,” UAE real estate developer Emaar Properties stated Sunday to the Dubai Financial Market.
The statement confirmed news published Feb. 12, in which Emaar said it was intending to launch huge investments in Egypt in the coming period.
“Emaar continues to pursue appropriate opportunities in Egypt,” the Dubai-based company stated, adding that details would be disclosed to the DFM only when the Emaar’s Board of Directors had approved the investments.
On the sidelines of the government summit in Dubai Wednesday, Egypt’s Prime Minister Ibrahim Mahlab met with Emaar Chairman Mohamed Al Abbar, who said they expect to announce large investments in a major project in cooperation with the Egyptian government “soon,” Youm7 reported.
Abbar added that Emaar is considering investments in Egypt’s technological cities.
Last week, Emaar Misr, a subsidiary of Emaar Properties, submitted a request to the Egyptian Exchange’s (EGX) securities listing committee Wednesday to float its shares in the Egyptian market.
Emaar Misr, operates with capital of 878 million EGP distributed in 87 million shares, a Wednesday EGX statement read.
Earlier in January, Reuters quoted two “informed sources in the EGX” saying: The initial public offering (IPO) a portion of Emaar Misr is expected to exceed 2 billion EGP ($270.3 million), which would make it the largest IPO in Egypt’s stock market since Talaat Moustafa Holding’s flotation in 2007.
“Fresh IPOs in the market assures Arab and foreign investors that the EGX is still vital and dynamic. It also a sign of the stock market stability regardless any other external factors of limited impact on the market,” said Mohsen Adel, Deputy head of the EG-Finance Association.