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Emaar Eyes June Listing For Egyptian Unit Misr – Alabbar

Emaar Eyes June Listing For Egyptian Unit Misr – Alabbar

The developer is also looking to list its hospitality unit following the $1.6 billion Emaar Malls Group listing last month.

Emaar Misr, the Egyptian unit of Dubai developer Emaar Properties, will “probably” go public in June 2015, valued between 3 to 4 billion euros, Emaar chairman Mohamed Alabbar, revealed at a conference in Dubai.

The wholly owned subsidiary has an investment portfolio of EGP53 billion with four key projects: Uptown Cairo in the capital, Marassi, a 1,544 acre tourist and residential destination at Sidi Abdul Rahman, Mivida, a residential community located at the fifth district; and Cairo Gate on the Cairo to Alexandria desert road.

Alabbar said the Egyptian business had grown 700 per cent in seven years, despite being relatively inactive for two, due to local tensions.

Emaar recently completed the successful listing of its Malls Group unit, raising $1.58 billion on the Dubai Financial Market, and is also eyeing an IPO of its hotels unit Emaar Hospitality.

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