Emaar Misr announced today that it has submitted a request to the securities listing committee of the Egyptian Exchange (EGX) to float its shares in the Egyptian bourse.

Emaar Misr, a unit of Emaar Properties which is the largest real estate developer in Dubai, operates with capital of around EGP878 million.

The initial public offering (IPO) of a portion of Emaar Misr is expected to be worth in excess of $270.3 million, making it the largest flotation on the Cairo bourse since 2007.

Emaar Misr has a portfolio of investments in Egypt worth around EGP53 billion ($7.1 billion).

Emaar Malls Group raised $1.58 billion from its 15.4% IPO in last September and the company is also considering floating its hospitality business when the time is right, it revealed earlier this month.