25 June 2008
Kuwait-based Esdarat Holding Company will list on the Dubai International Financial Exchange (DIFX) in the next nine months, a top company executive said.
"We will first list on the DIFX and then on the Kuwait Stock Exchange," Mohammad Al Shuaib, chief executive of Esdarat, told Emirates Business.
The company is offering 600 million shares in private placement to raise $300 million (Dh1.1bn) to fund its real estate development projects worth $2.78bn.
The initial public offering is expected to take place within 12 to 18 months, subject to regulatory approvals. NBD Investment Bank, an Emirates NBD company, is the financial advisor and lead placement agent.
"We have had a strong initial interest from investors across the Middle East, North Africa and South East Asia, and expect to close the transaction by end of July," said Shahzad Shahbaz, chief executive officer, NBD Investment Bank.
The company has plans to launch two mega residential projects in Bahrain and Egypt. The Bahraini project will include two 25-storey luxury residential towers at a total cost of $100 million.
The Egyptian development will be a residential city covering an area of six million square metres, located on the road between Cairo and Alexandria. Al Shuaib said he would disclose the cost of the second project later in the year.
Rawabi Abraj Al Bait, which is 170 metres from the Holy Haram area in the Holy City of Makkah, will comprise nine towers built with easy access to the holy site. The total area of the first phase of the project will be 824,270 sqm with a net leasable area of 358,196 sqm. Construction is expected to be complete in five years.
"The Makkah real estate sector, especially around the Holy Mosque, offers one of the most exciting opportunities in Saudi Arabia and the region," said Al Shuaib.
Kuwait-based Esdarat Holding Company will list on the Dubai International Financial Exchange (DIFX) in the next nine months, a top company executive said.
"We will first list on the DIFX and then on the Kuwait Stock Exchange," Mohammad Al Shuaib, chief executive of Esdarat, told Emirates Business.
The company is offering 600 million shares in private placement to raise $300 million (Dh1.1bn) to fund its real estate development projects worth $2.78bn.
The initial public offering is expected to take place within 12 to 18 months, subject to regulatory approvals. NBD Investment Bank, an Emirates NBD company, is the financial advisor and lead placement agent.
"We have had a strong initial interest from investors across the Middle East, North Africa and South East Asia, and expect to close the transaction by end of July," said Shahzad Shahbaz, chief executive officer, NBD Investment Bank.
The company has plans to launch two mega residential projects in Bahrain and Egypt. The Bahraini project will include two 25-storey luxury residential towers at a total cost of $100 million.
The Egyptian development will be a residential city covering an area of six million square metres, located on the road between Cairo and Alexandria. Al Shuaib said he would disclose the cost of the second project later in the year.
Rawabi Abraj Al Bait, which is 170 metres from the Holy Haram area in the Holy City of Makkah, will comprise nine towers built with easy access to the holy site. The total area of the first phase of the project will be 824,270 sqm with a net leasable area of 358,196 sqm. Construction is expected to be complete in five years.
"The Makkah real estate sector, especially around the Holy Mosque, offers one of the most exciting opportunities in Saudi Arabia and the region," said Al Shuaib.
By Rami Eljundi
© Emirates Business 24/7 2008
