Egypt’s Sovereign Fund reportedly preparing MIDAR for 2024 IPO

According to sources close to the matter, Mostakbal City’s master developer, MIDAR for Investment & Urban Development is being prepared by the Sovereign Fund of Egypt (TSFE) for an IPO on the Egyptian Exchange set for H1 2024. MIDAR was added to TSFE’s Pre-IPO fund earlier this year as part of Egypt's privatization strategy. The Pre-IPO Fund facilitated the offerings of government companies to strategic investors. Reports suggest TSFE has plans to offer a 25-30 percent stake in the real estate company to a strategic investor. The majority shareholders Banque Misr and the National Investment Bank, owning around 75 percent stake, plan to fully exit the company. The Administrative Capital for Urban Development could go public as early as first half of 2024. Other reports suggest potential sales of a 10-15 percent stake in Telecom Egypt to investors by year's end.