Al Ahly Sabbour seeks to offer up to 25% stake on EGX
Updated 11/18/2024 7:43:00 AM
Arab Finance: Al Ahly Sabbour Developments is seeking to offer 20-25% of its shares on the Egyptian Exchange (EGX), with the selection of an offering advisor in early 2025, Chairman Ahmed Sabbour told Asharq Business.
With a paid-up capital of EGP 450 million, the firm has become a prominent player in Egypt's real estate sector.
In parallel with its IPO preparations, Al Ahly Sabbour is exploring regional growth opportunities, as negotiations are underway with Saudi entities and the Ministry of Housing in the kingdom for a 1-million-square-meter land acquisition near Riyadh, the chairman said.
Sabbour expects these talks to conclude with contract signings in early 2025.
This move aligns with Saudi Arabia’s Vision 2030, which aims to increase homeownership rates to 70% by the end of the decade.
Founded in 1994 as a family-owned business, Al Ahly Sabbour's portfolio now includes over 60 projects across Egypt.
The company's ownership is split between the Sabbour family, holding 60%, and the National Bank of Egypt, which owns the remaining 40%.
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