• Chief development officer and chief investment officer resign
  • Emaar Misr’s listing on the Egyptian Exchange slightly disappointed initial estimates
  • Developer offered to buy back shares to stabilise the share price in early July

Two top executives at Emaar Misr, the Egyptian arm of Dubai property developer Emaar Properties, have resigned within a week.

Emaar Misr announced that Walid al-Hindi, the firm’s chief development officer, resigned on 30 July, while chief investment officer Ahmed Fathallah’s resignation will be effective from 4 August.

Emaar Misr listed on the Egyptian Exchange (EGX) in June, valued at £E17.6bn ($3.2bn). It raised £E2.28bn, slightly disappointing initial estimates.

Since then, the share price has fallen to £E3.5, 7.9 per cent below its listing price of £E3.8.

Emaar Misr offered to buy back 90 million shares, out of the 600 milion issued, to stabilise the share price in early July, according to the state-run MENA news agency. It also announced that its first-half sales were up 20 per cent on the same period in 2014, to £E3.91bn.

The EGX 30 index, the main indicator, has fallen 6.8 per cent over the past 3 months.

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