Egyptian property developer Rooya Group is planning to list some of its shares on the Egyptian Stock Exchange (EGX) by the end of the year.

“The listing on the bourse should be complete before the end of this year, and we are currently working with one of the financial consulting firms to set the fair value,” said a company statement on 22 May.

In July 2015 MEED reported that Egypt’s Pioneer Holding, which acquired Rooya in early 2015, was planning to list some of its shares by the end of 2015.

Pioneers acquired Rooya, which has a portfolio of 9 million square metres of land, with 6 million under development, for E£1.2bn ($156m) in March 2015

Founded in 2007, Rooya Group is one of Egypt’s fast-growing real estate development, tourism investment, contracting, and consultancy companies with investments of more than $4bn and a capital of $157.3m.

Rooya developed the E£200m Stone Park in New Cairo, the E£200m Canals Village in Marsa Allam, Telal al-Sokhna and Telal al-Almein.