Traders work at the Egyptian stock exchange in Cairo, May 28, 2015. REUTERS/Mohamed Abd El Ghany
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Egypt's stock market is shaping up to be the Middle East's hot spot for initial public offerings next year. At least six companies plan initial public offerings by the end of 2018, following two sales since January, according to data compiled by Bloomberg. Share trading has almost doubled, averaging 1.1 billion pounds a day in the 12 months ended Oct. 10, compared with 540 million pounds a year earlier, data compiled by Bloomberg show.The prospects for further IPOs look promising, said Mohammad Farid, the chairman of the Egyptian Exchange. Two of the six IPOs planned for the coming months involve state-owned businesses: Engineering for the Petroleum & Process Industries and Banque Du Caire SAE.Egyptian companies will have to compete for investor money with the main event on next year's Middle East IPO calendar: Saudi Arabian Oil Co., which may sell a stake of as much as 5 percent for what could potentially be the world's biggest offering.
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