Emaar Misr stocks rose by 8.37% in today’s session after jumping by 19.8% in yesterday’s session.
Shares of the two Egyptian real estate development companies, Emaar Misr for Development and Talaat Moustafa, rose on Monday after reports of negotiations to obtain large plots of land for the establishment of tourist projects on the Mediterranean coast in Egypt.
Reports in the Egyptian media indicated that Emirati businessmen are involved in a multi-billion-dollar project to develop virgin lands on the Ras El Hekma peninsula, located 200 kilometers west of Alexandria.
Emaar Misr’s shares rose by 8.37% to 5.31 Egyptian pounds after jumping by 19.8% yesterday, Sunday.
Osama Murad, a stock market analyst and CEO of M. Power Investments, said that Emaar Misr’s stocks rose due to a rumor that it would develop the Ras El Hekma area.
According to a report in Al Youm Al Sabaa newspaper, the project’s value is approximately $22 billion and will be implemented in coordination with the Ministry of Housing.
Cairo 24 newspaper stated that an agreement has yet to be signed.
It is unclear whether this amount represents the cost of the land or the total targeted investment.
Talaat Moustafa Group Holding disclosed to the Egyptian Stock Exchange that it is evaluating a project to develop 5,540 acres (23.3 square kilometers) of land, also on the Mediterranean coast. Its shares rose by 10.3% on Monday to 37.50 Egyptian pounds.
The disclosure mentioned that the project was among several other potential projects that the group was considering, and the company will provide updates once the implementation procedures for any of these projects commence.
Egypt promised to sell state assets to help finance heavy external debt payments due this year and create space for the private sector, as part of a $3 billion financial support package signed with the International Monetary Fund in December 2022.
