Dubai: The Egyptian government wants to see Etisalat Misr, the Egyptian unit of Abu Dhabi state-owned Etisalat, listed on the national exchange, said the country’s Minister of Communications and Information Technology on Tuesday.
Etisalat is currently mulling listing the Egyptian unit in a reported planned $500 million (Dh1.8 billion) sale that would revive the country’s initial public offerings. A successful listing would make Etisalat Misr the only mobile operator listed on the Egyptian Exchange (EGX), which is up by almost 35 per cent this year.
“It’s very important because definitely this will show a sign of stability in Egypt,” Atef Helmy, Egypt’s Minister of Communications and Information Technology, told Gulf News on the sidelines of Gitex Technology Week.
Earlier plans to list Etisalat Misr were put on hold in the wake of the Arab Spring and the three years of political instability that followed in the Arab world’s most populous country.
Last month, Ahmad Abdul Karim Julfar, Etisalat group’s chief executive officer told UAE trade magazine CommsMEA, the group was yet to decide if it will list the Egyptian unit. Etisalat is a 66 per cent shareholder in Etisalat Misr. The Egyptian National Post Authority, which is overseen by the Ministry of Communications and Information Technology, is a 20 per cent shareholder.
Investors have been deterred by Egypt’s uncertainty; however, the UAE and other Gulf countries have injected billions of dollars into the country since Egyptian President Abdul Fattah Al Sissi overthrew Mohammad Mursi.
Asked if the Egyptian government expects more investment from the UAE to flow into the country, Helmy said, “Sure ... I am expecting a lot of investment and a lot of growth opportunities in the coming few months.”
Helmy, who also said he was in the UAE to thank the government for its support of the Al Sissi government, said he expects to see new investments from Emaar and the Bin Zayed Group, among others.
