Dubai developer Emaar to float stake in its Egypt division

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DUBAI, United Arab Emirates (AP) — The property developer behind the record-breaking Burj Khalifa skyscraper in Dubai will float shares in its Egyptian subsidiary to raise cash for ongoing and future projects in the North African nation.

Dubai-based Emaar Properties announced Wednesday that investors will have a chance to buy 13 percent of its Emaar Misr division. Shares will trade on the Egyptian Stock Exchange. The parent company will retain the remaining 87 percent stake.

Emaar plans to offer Egyptian retail investors and institutional investors in Egypt and other countries the chance to buy the shares. It did not provide a timeframe for the offering.

The United Arab Emirates has taken a strong interest in Egypt following the 2013 ouster of Egyptian President Mohammed Morsi, offering billions of dollars in aid and promises of investment.

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