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Dubai's Emaar announces intention to float Egypt unit on Cairo bourse

Dubai's Emaar Properties announced its intention to float its Egyptian unit on Cairo's bourse but retain an 87 percent stake

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Dubai's Emaar Properties on Wednesday announced its intention to float its Egyptian unit on Cairo's bourse and the parent firm plans to retain about an 87 percent stake in the subsidiary after the listing.

Emaar said it would use some of share sale proceeds to fund new developments in Egypt and grow its land bank in the country, according to a filing to the Dubai Financial Market.