Emaar Properties said to launch Emaar Egypt IPO in 2015: Report

04/11/2014 Argaam

Dubai-based Emaar Properties plans to offer shares of Emaar Egypt in an initial public offering during the second quarter of 2015, according to a report published by Bloomberg.

 

JP Morgan and EFG Hermes will be assigned to manage the IPO process, the report said, citing sources familiar with the matter.

 

Emaar Egypt, which is owned by Emaar Properties, is currently working on three major projects in the Arab world’s most populous country, according to data available on Argaam.

 

The projects include Marassi in Egypt’s North Mediterranean coast, as well as the Mivida compounds in New Cairo, which are worth EGP 5.75 billion ($804 million), and Uptown Cairo, a major residential project in the capital’s Mokattam district.

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