Egypt- Mountain View studies listing on EGX in 2017: CEO

(MENAFN- Daily News Egypt) Mountain View Egypt will complete two projects and deliver a stage of another project in 2016, CEO Ayman Soliman said.

Soliman told Daily News Egypt that the decision to list the company on the Egyptian Stock Exchange (EGX) is currently being studied, but listing will not take place before 2017.

Soliman added that the company delivered five projects; two in Ain Sokhna, one in the North Coast and two in New Cairo, and before the end of this year the company will deliver another two real estate projects, one in the Fifth Settlement and the other in 6th of October City.

"If the government puts forward other projects to be implemented by the public private partnership (PPP) system, we will participate after conducting studies," said Soliman. "There is a plan to raise the company's capital next year after the approval of the Board of Directors."

He noted that the Ministry of Housing signed contracts with some real estate companies, which have been finalised after adjustments, and the engineering designs stage will start soon. The companies are the final stage of negotiation with the ministry to agree on the timeframe to begin implementation.

Soliman further stated that the Cairo Capital and October Oasis projects will be launched in a parallel timeframe.

However, regarding low-income housing projects, Soliman said that the regions selected to start the housing projects in cooperation with the government do not suit the low-income segments.

However, the Ministry of Housing receives a limited quota of lands to direct towards providing solutions for low-income segments, he said.

Soliman praised the government initiative to cooperate with the private sector to develop real estate mega-projects, adding that this will lead to the economic growth that the country requires.