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Egypt regulator rets rules for index, real estate funds

Reuters – Egypt’s financial market regulator, seeking to attract capital back to the stock market, has released rules to facilitate the creation of index and real estate funds as well as amendments to margin trading rules. Sherif Samy, head of the Egyptian Financial Supervisory Authority, said the changes would increase liquidity in the market and …

Daily News Egypt

Emirates REIT to raise $135m in first Dubai IPO since 2009

Reuters – A real estate investment trust, Emirates REIT, said on Tuesday that it planned to raise at least AED 500 million dirhams ($135m) in Dubai’s first initial public offer of shares since 2009. The company will use proceeds from its IPO on the Nasdaq Dubai bourse for possible future acquisitions and investment in existing …

Daily News Egypt

Pioneers Holding to buy 60% of Roaya Group: CEO

Reuters – Pioneers Holding plans to acquire a 60% stake in real estate investment firm Roaya Group by the end of the first quarter of this year, Waleed Zaki, the firm’s chief executive told Reuters in an interview. The deal is expected to cost around EGP 1bn ($144m), he said. Pioneers specialises in brokerage services, …

Daily News Egypt

Dubai’s Emaar Q4 net profit up 48%, beats estimates

Reuters – Emaar Properties, Dubai’s largest real estate developer, reported a 48% jump in fourth-quarter net profit on Monday, beating analysts’ estimates, as it benefited from a renewed real estate and tourism boom in the emirate. The builder of the world’s tallest tower posted a quarterly profit of AED 756m ($206m), compared with AED 512m …

Daily News Egypt