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03-06-14

Dubai's Arabtec to sell stake in its Egypt's business

(MENAFN) Dubai-based construction firm Arabtec Holding has announced its plan to sell 50 percent stake of its Egyptian unit in an initial public offering in the Cairo stock exchange in 2016, 2017, according to Arabian Business. The company said that the unit's value is expected to reach USD10 billion. Arabtec plans also to invest USD60 billion in Egypt in three years in major sectors, mainly real estate, infrastructure, trains, airports, and oil and gas. The company will take into consideration factors outside its control, such as Egypt's political and economic stability in the wake of its 2011 revolution.