It’s Midar’s turn to be front and center of privatization chatter in the local press: Midar — FKA El Mostakbal Urban Development and one of the four state-owned real estate firms to be included in the privatization program — is the subject of several unconfirmed reports that surfaced in the local press yesterday.

#1- SFE lining Midar up for the EGX? The Sovereign Fund of Egypt (SFE) is preparing to list the state-owned real estate firm on the EGX in 1H 2024, according to Al Borsa, which cites sources it says are familiar with the matter. Earlier this year, the SFE added Midar to its pre-IPO fund, which looks to bring strategics onboard to invest and help restructure state-owned firms before they go public.

It’s not clear what could be on offer: Al Borsa did not include any comment on the percentage stake that could be offered in a potential IPO. It was reported in July that the SFE could offer 25-30% of the company to a strategic investor before later taking it public on the EGX.

The potential sellers: The newspaper says that Banque Misr and the National Investment Bank — which together own almost 75% of the company — intend to fully exit the company. The remaining shareholders are Banque Misr’s investment arm Misr Capital (5.65%), the National Bank of Egypt (8.9%) and Arab Contractors (10.94%).

#2- Midar in talks to sell land to GCC investors? As harq Busine ss reported yesterday that the company is negotiating with GCC investors to sell off some of its land in exchange for greenbacks, citing two sources it says have knowledge of the matter. The company is also reportedly negotiating to enter development partnerships with the unnamed GCC investors.

Remember: Midar was established in 2006 to develop the 11k-feddan Mostakbal City project between New Cairo and the new capital.

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