UAE's Emaar to float its Egypt subsidiary on Cairo's stock market

Wednesday 20-05-2015 01:28 PM
UAE's Emaar to float its Egypt subsidiary on Cairo's stock market

Emaar Chairman Mohammad Ali Alabbar speaks during a news conference in Mumbai January 21, 2008.REUTERS/Punit Paranjpe


CAIRO, May 20 (Aswat Masriya) - The Dubai-based property developer Emaar will float 13 percent of its Egypt subsidiary Emaar Misr in Egypt's stock market, it announced on Wednesday.

The stock offering will include a public offering to retail investors in Egypt as well as a private placement to institutional investments in Egypt and other countries, Emmar Properties said in a statement published on the Dubai bourse's website.

Mohamed Alabbar, Chairman of Emaar Properties, described the offering as an "attractive opportunity" to invest in Egypt's fast growing real estate market.

"Emaar Misr has become a leading developer of premium lifestyle communities in Egypt in a short period of time and is currently well positioned for continued shareholder value growth with a unique portfolio of projects," Alabbar said in the statement.

The revenues of Emaar's Egypt subsidiary significantly rose by 119 percent in 2014, standing at 2.6 billion Egyptian pounds, Emaar said in the statement. The company's net sales were 2 billion pounds in the first quarter of 2015.

The United Arab Emirates is one of Egypt's strongest supporters in the region. It has firmly stood behind the regime which followed that of ousted Islamist president Mohamed Mursi, who was unseated in July 2013 following mass protests against his rule.

The UAE, alongside Saudi Arabia and Kuwait, was quick to financially support Egypt's interim authorities. Together, the three states have provided billions of dollars in aid, in the form of loans, petroleum products and deposits in the central bank.

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