IPO WATCH- Nozha Group considering IPO: Real estate and education investment holding firm Nozha Group is considering an IPO and is currently shopping for investment bankers to lead the transaction, CEO Abdallah Elmaghrabi told Al Mal. Elmaghrabi did not specify a timeframe for the offering or disclose which banks are in the running for the adviser position.

The company is also looking to invest EGP 3 bn in the tourism and real estate sectors in Cairo and Ras Sudr, he added. The investments will be channeled toward the company’s TIME Nozha Beach resort in Ras Sudr, which it plans to inaugurate in December. Expansion work on the resort will continue between 2019-2021 to add another 250 hotel rooms.

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