The real estate developer El Mostakbal Urban Development (MIDAR) has been added to The Sovereign Fund of Egypt’s (TSFE) pre-initial public offering (IPO) fund. This move comes as the company aims to sell a stake to a strategic investor and list another portion on the stock exchange.
On Sunday, the company announced a change in its name and brand, rebranding itself as Midar. This decision was made to align with its ambitious plans and regional expansion.
Engineer Ayman ElKousey, MIDAR Managing Director and CEO explained that the company has been selected among the pioneering firms to join the Egyptian sovereign fund.
This selection was made to prepare the company for the sale of the state’s stake to a strategic investor and the subsequent listing of another portion on the Egyptian stock exchange.
During a Sunday press conference, ElKousey said: “We have allocated 5 billion Egyptian pounds for investments throughout the current year... and approximately 20 billion pounds over the next few years.”
The MIDAR CEO stated that the company’s ownership structure is comprised of major Egyptian financial entities; (Banque Misr, the National Bank of Egypt, Misr Capital Company, one of the investment arms of Banque Misr, the National Investment Bank), as well as a selection of the best Egyptian figure working in the field of urban development that all enjoy prestigious records of achievements in this field both within and outside Egypt.
According to ElKousey, the company owns a real estate portfolio spanning up to 11,000 acres, with the development of an additional 5,000 acres currently underway.
ElKousey stressed that the company had laid down an ambitious plan for augmentation within the Egyptian real estate market by applying an innovative concept in the field of advancing and operating comprehensive major cities at the highest international quality standards via making use of the latest techniques followed internationally in this domain with the support of specialized market studies that have been prepared by major international consultancy bureaus tailoring to investors and customers’ requirements equally.
