Egypt’s Naeem Holding to cross-list on Abu Dhabi exchange

Cairo: Naeem Holding for Investments has received approval from the UAE’s financial regulator to list on the Abu Dhabi exchange, the firm said, a further sign of closer economic ties between Egypt and the Gulf.

“Coordination is ongoing with the Abu Dhabi market and the necessary measures for receiving the approval of the Egyptian Financial Supervisory Authority are being taken,” Naeem Holding said in a statement late on Monday.

Arabtec bags project

Earlier this month, the UAE’s Arabtec Holding — Dubai’s largest listed construction firm — agreed with the Egyptian army to build one million houses for low-income Egyptians in a project worth $40 billion.

Egypt’s economy has been battered by more than three years of political turmoil after a mass uprising ousted Hosni Mubarak in 2011 and caused many foreign investors and tourists to flee the country.