Egypt - The Sovereign Fund of Egypt (TSFE) is preparing El Mostakbal Urban Development (MIDAR) for an initial public offering (IPO) on the Egyptian Exchange (EGX) in the first half of 2024, sources told Daily News Egypt. The fund has recently added MIDAR to its Pre-IPO Fund, which aims to facilitate the sale of government stakes to strategic investors. The sources also said that the National Investment Bank and Banque Misr are planning to exit MIDAR as part of the IPO process. MIDAR is owned by Banque Misr (40%), the National Investment Bank (34.4%), the Arab Contractors Company (10.9%), the National Bank of Egypt (8.9%), and Misr Capital Company (5.6%). It is the main owner and developer of Mostaqbal City, which covers an area of about 11,000 feddan in the natural extension of New Cairo.
