$400m Egyptian IPOs soon

ABU DHABI — Egyptian expatriates could get an opportunity to subscribe $400 million worth jumbo IPOs of the two petrochemicals companies within next few weeks to widen the shareholding.

By A Staff Reporter

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Published: Tue 17 May 2005, 10:47 AM

Last updated: Thu 2 Apr 2015, 5:08 PM

"Two state-owned companies Sidpec and AMOC will be offering their IPOs, which are open to Egyptians and regional investors," Mehmood Attallah, a banker with Ahli Bank told an investment seminar held at ADCCI.

A 10-member high level business delegation headed by Dr Ziad Bahauddin, Chairman of country's newly--established organisation — General Authority for Investment and Free Zones — is visiting the UAE to reach out to local business community to market the projects in the areas of privatisation, petrochemicals, tourism, IT, Textile, cement, and food processing.

Dr Bahauddin briefed the audience about the new authority, which is facilitating the foreign investors by assisting them in bypassing red tapism in obtaining necessary approvals in three days.

He told investors that corporate tax has been reduced to 20 per cent from 42 per cent, and fiscal incentives have been allowed in shape of tax holidays to the under-developed areas where from 5-15 years tax exemption can been enjoyed depending on the location of the industry.

Counting the positive points of the economy, he said exchange rate was stable, exports were picking up, foreign companies were investing heavily and one of the UAE's leading company Emaar has announced a mega real estate project.

Earlier, Director-General ADCCI, Mohammed Omar Abdullah in his welcoming remarks said that the UAE and Egypt enjoys excellent bilateral relations.

Fahmi Fayed, Egypt's Ambassador to the UAE said his country was reforming the economy making it more responsive to the foreign direct investments.

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