UAE stock exchanges are most attractive to Egyptian investor community

STOCK MARKETS of Dubai and Abu Dhabi are among the most attractive for Egyptian INVESTORS and the potential listing of Emirati firms in the Egyptian bourse is expected to spur more interest, NAEEM Brokerage’s CEO said.

Referring to the listing of Orascom Construction (OC) on the NASDAQ Dubai bourse earlier this month, Ayman Hamed said additionalsuch listings will be of “more benefit to investors and traders”.

OC, the Sawiris-controlled engineering and construction business, is the only firm to be dually listed in Egypt and the UAE.

“It’s strongly believed that Emaar Misr too is in its final stages of preparation for its listing in the Egyptian stock exchange – expected sometime in the 2Q of 2015. We’re not sure yet if it’s a dual listing,” Hamed told Daily News Egypt. “This, and other similar listings, will raise the inflow of capital across regional markets.”

The Egyptian arm of Dubai’s largest listed real estate developer Emaar Properties, filed a formal request in February to list its shares in Egypt’s bourse. The company gave no value of how much it plans to float in the IPO, but reports said it would issue more than EGP 2bn worth of shares.