Egypt’s Orascom Construction has started trading on the Egyptian exchange as well as on Nasdaq Dubai, becoming the first company to be dual listed in the UAE and Egypt.

The Egyptian firm raised EGP1.41bn ($185.4m) via an initial public offering earlier in March. It offered 12,984,565 new ordinary shares, presenting 11 per cent of the company’s total share capital.

The trading of shares on the Nasdaq Dubai began on 9 March.

Orascom Construction is owned by Egypt’s Sawiris family. It moved the company’s primary listing out of Egypt in 2013 when the Amsterdam-listed OCI NV, bought most of the company’s shares.
 
A demerger process to split the construction business from OCINV’s fertiliser and chemicals business began earlier in 2015. The fertiliser arm will remain listed on the Euronext Amsterdam index.
 
Orascom Construction’s return to Egypt is timed with the country’s efforts to reinvigorate its economy and attract foreign investment back to the country.
 
Several large infrastructure projects will be presented to investors at the upcoming Egypt Economic summitbeing held in Sharm el-Sheikh from 13 March.