One of Egypt’s biggest private firms eyes Gulf IPOs as Saudi expansion reshapes fundraising plans

Hassan Allam Holding is studying public listings for selected real-estate and infrastructure subsidiaries on Gulf stock exchanges, the Egyptian Exchange, or both, as Saudi Arabia becomes the group’s largest overseas market. The family-owned engineering and construction group — which is executing projects worth about $10.5 billion, with roughly half of that portfolio outside Egypt — has more than $2 billion in active contracts in Saudi Arabia, and is planning listings for businesses tied closely to Gulf growth rather than floating the parent holding company.

“We are evaluating listings for specific businesses rather than the holding company itself,” Chairman and Chief Executive Hassan Allam said on the sidelines of the BMG Economic Forum at the London Stock Exchange, signaling a targeted approach to raising capital closer to where the firm’s customers and investor demand are strongest.

The decision reflects a strategic shift as Hassan Allam deepens its footprint across the Gulf. The group has secured an investment licence in Saudi Arabia, opened a regional headquarters in Riyadh and expanded work on projects linked to the kingdom’s Vision 2030 programme. Its portfolio in the kingdom includes developments at NEOM and AMAALA on the Red Sea coast, and the company’s real estate arm, Grova, recently launched the $880 million (3.3 billion Saudi riyals) Noor Khuzam project in Riyadh with local partners.

Founded in 1936, Hassan Allam has grown into one of the Middle East and North Africa’s largest privately owned engineering and construction groups, employing more than 50,000 people across around 18 subsidiaries. Beyond traditional contracting, the group has diversified into renewable energy, utilities, logistics and property development — businesses that could appeal to public-market investors. Its utilities arm has participated in Egypt’s Benban Solar Park and is developing large-scale solar and battery storage projects as regional demand for clean energy grows.

• Current project portfolio: about $10.5 billion
• Active Saudi contracts: more than $2 billion
• Noor Khuzam project value: $880 million (3.3 billion SAR)
• Employees: more than 50,000 across ~18 subsidiaries

The group’s move to list units on Gulf exchanges underscores a broader regional trend: companies increasingly eye Riyadh, Abu Dhabi and Dubai for deeper liquidity and stronger investor demand from sovereign wealth funds and institutional investors. Hassan Allam’s management sees value in aligning the domicile of listed businesses with their principal markets and financiers, rather than pursuing a single listing for the privately held parent.

Hassan Allam previously explored public routes: the company announced plans for a public offering in 2018 but shelved the transaction. More recently it established a special purpose acquisition company that was later rebranded as Grova Venture Capital, though the group denied that vehicle was intended as a backdoor listing for its construction business.

Outlook: Any listing plan will be calibrated against market conditions and investor appetite in the Gulf and Egypt. With Saudi Arabia now Hassan Allam’s largest overseas market and regional exchanges offering deeper pools of capital, the group appears set to prioritise subsidiary-level listings that match where its revenue and growth are being financed. The timing, choice of exchange and which units will float remain under evaluation as the company balances access to Gulf liquidity with the objectives of a privately held parent.