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Egypt Readies What May Be Its Biggest IPO as Capital Emerges

relates to Egypt Readies What May Be Its Biggest IPO as Capital Emerges

Source: Urban Development Consortium

Updated on

Egypt plans to take the first steps early next year toward selling a stake in the state company behind its new capital city, in what could be the North African nation’s biggest-ever initial public offering.

The Administrative Capital for Urban Development, a joint venture between the military and the Housing Ministry created to oversee the the multi-billion dollar project, has “very very big assets and a big portfolio of land and projects,” said the company’s head, Ahmed Zaki Abdeen.