CAIRO, March 25 Naeem Holding for Investments
has received approval from the United Arab Emirate's
financial regulator to list on the Abu Dhabi exchange, the firm
said, a further sign of closer economic ties between Egypt and
"Coordination is ongoing with the Abu Dhabi market and the
necessary measures for receiving the approval of the Egyptian
Financial Supervisory Authority are being taken," Naeem Holding
said in a statement late on Monday.
It gave no further details of the timing or size of the
Countries like the UAE, Saudi Arabia and Kuwait came to
Egypt's aid last year - pledging more than $12 billion to help
its ailing economy - after the army overthrew the country's
first elected leader Mohamed Mursi following mass protests
against him. The Gulf largely mistrusts Mursi's Muslim
Brotherhood group, labeled a terrorist group in Egypt last year.
Earlier this month, the UAE's Arabtec Holding -
Dubai's largest listed construction firm - agreed with the
Egyptian army to build one million houses for low income
Egyptians in a project worth $40 billion.
Egypt's economy has been battered by more than three years
of political turmoil after a mass uprising ousted autocrat Hosni
Mubarak in 2011 and caused many foreign investors and tourists
to flee the country.
(Reporting by Asma Alsharif; Editing by Sophie Walker)