Amer Group, a Sharia-compliant property developer based in Egypt, has been a disappointment since its initial public offering (IPO) last month but some analysts think the stock is poised for a turnaround.
The company develops mixed use, family-oriented resort destinations as well as shopping malls and restaurants.
"The investment case stems from the firm's diversified business model," said Alfred Fayek, the head of MENA equity sales at EFG-Hermes in Dubai.
Amer went public last month and was 5.8 times oversubscribed at a price of 2.80 Egyptian pounds a share. Since then it has slipped nearly 4 per cent, closing yesterday at Dh2.69.
Mr Fayek believes the company has strong branding within Egypt and will benefit from the country's favourable demographics - 60 per cent of the population is under the age of 30. The supply and demand gap in property in Egypt is still increasing by 200,000 units a year and Amer should capitalise as one of the first developers in Egypt to cater to the middle-income segment, he said.
In contrast to other Egyptian developers, Amer purchased most of its land through auctions and not direct allocation, avoiding potential legal disputes with the government. The developer won a bid for a 2.8 million square metre plot south of Cairo on Sunday.
Its land portfolio has been based on prime locations around the coastal areas in Egypt so far.
By serving as both developer and contractor, the company is able to complete projects quickly and control costs.
It has also partnered Dubai's Arabtec in a joint venture in Egypt, of which it owns 45 per cent.
Amer is also expanding into Syria in anticipation of what some think will be the next property boom. The tourism sector has grown by 11.2 per cent annually from 2005 to last year, hosting as many as 1.7 million tourists in the first quarter of this year alone. There are only eight hotels operating in the country.
halsayegh@thenational.ae
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Company%20Profile
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What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Killing of Qassem Suleimani
Killing of Qassem Suleimani
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A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed