Emaar to float Egyptian unit on Cairo exchange

|By TAP Staff| Emaar Properties announced its intention to list its Egyptian subsidiary Emaar Misr for Development to proceed with an IPO, which will be listed on the Egyptian Stock Exchange. The offer will comprise a part meant for retail investors in Egypt, and a private placement to institutional investors.

Emaar Misr plans to use the net proceeds raised from the offering to further the development of the non-residential areas of its projects under development, including primarily Emaar Square in Uptown Cairo project, the planned international marina and hotels in Marassi project, and Downtown area in Mivida project, according to a company announcement.

Emaar Properties will retain its current holdings in Emaar Misr, which is expected to represent a minimum of approximately 87% of Emaar Misr’s total post-offer share capital.

Mohamed Alabbar, Chairman of Emaar Properties, said: “The IPO of our subsidiary Emaar Misr marks a significant development for this pioneering business in Egypt and represents an attractive opportunity for prospective investors to invest in one of the largest and fastest growing real estate markets in the Middle East and North Africa. The injection of new capital will allow Emaar Misr to continue to pursue new growth opportunities and further progress its landmark developments. We are committed to achieving sustainable growth for our businesses and delivering value to all of our shareholders”.