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Dubai’s Emirates REIT expands IPO due to strong demand

Reuters – Dubai-based real estate investment trust Emirates REIT said it had expanded the size of its initial public offer of shares on NASDAQ Dubai, the emirate’s first IPO since its financial crisis erupted in 2009, because of strong demand. Emirates REIT will raise $175m in the IPO, which was 3.5 times oversubscribed, by selling …

Daily News Egypt

Egypt stocks continues to drop

Reuters – The Cairo bourse, which dropped 2.7% last Thursday after Sisi said he would run for president, fell a further 1.9% on Sunday to trim 2014 gains to 19%. But there were signs the correction was slowing and the market closed above the intraday low. “Towards the end of today we saw a bit …

Daily News Egypt

EFG Hermes launches programme to acquire treasury shares

Analysts expect EFG Hermes shares to maintain their upward trend in the three upcoming sessions, to reach nearly EGP 12. This comes after the board’s approval of the plan to acquire treasury shares for EGP 1bn at a minimum price of EGP 11.5 per share. The share featured a 10% upward movement during last Thursday’s …

Daily News Egypt

Egypt ‘too big to fail’: Director of Actis in Egypt

Actis is an emerging markets investor with US$5.2 billion funds under management. Through the expertise of over 120 investment professionals on the ground in twelve countries, Actis identifies investment opportunities in three areas: private equity, infrastructure and real estate. Daily News spoke to Actis’s Director in Egypt about the current business environment in Egypt, the challenges as well as the solutions to reposition Egypt as an attractive investment destination.

Daily News Egypt

EFG Hermes reports a 66 percent drop in net profits during Q2

By Islam Serour EFG Hermes released the Consolidated Financial Report for the second quarter of 2012. The report concludes that the company’s net income was EGP 27 million on total consolidated revenues worth EGP 477 million, denoting 66 percent decline, in comparison to the same period 2011. Investment Banking revenues account for 41 percent of …

Daily News Egypt