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 the construction giant deepens its expansion across Saudi Arabia and the wider Gulf. The family-owned parent company will remain privately held.

• Hassan Allam Holding is considering listing selected real estate and infrastructure subsidiaries on Gulf exchanges, the Egyptian Exchange or both.
• The move comes as Saudi Arabia becomes the group’s largest overseas market, with more than $2 billion in active projects.
• Rather than listing the family-owned holding company, the group wants businesses tied to Gulf growth to raise capital closer to their biggest customers.
• The plan reflects a broader shift as regional companies increasingly look to Gulf exchanges for deeper liquidity and stronger investor demand. 

Chairman and Chief Executive Hassan Allam disclosed the plan on the sidelines of the BMG Economic Forum at the London Stock Exchange, saying the group was evaluating listings for specific businesses rather than the holding company itself.

He did not indicate which exchange would be chosen or when any listing could take place.

The strategy reflects how the company’s centre of gravity is shifting beyond Egypt.

Hassan Allam is currently executing projects worth about $10.5 billion, with roughly half of that portfolio outside Egypt. Saudi Arabia has become its biggest overseas market, accounting for more than $2 billion in active contracts, ahead of the United Arab Emirates, Libya and Oman.

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The company has strengthened its Saudi presence by securing an investment licence, opening a regional headquarters in Riyadh and expanding work on projects linked to the kingdom’s Vision 2030 programme.

Its portfolio includes developments at NEOM and AMAALA on the Red Sea coast, while its real estate arm, Grova, recently launched the $880 million (3.3 billion Saudi riyals) Noor Khuzam project in Riyadh with local partners.

Why the Gulf matters

The proposed listings are about more than raising capital. They signal where Hassan Allam sees the strongest long-term investor demand.

Rather than floating the holding company, the group is considering listing businesses whose growth is increasingly tied to Gulf economies, where sovereign wealth funds, institutional investors and stronger market liquidity have helped make exchanges in Riyadh, Abu Dhabi and Dubai more attractive destinations for raising capital than many regional peers.

The move would also mark another step in Hassan Allam’s evolving approach to public markets.

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In 2018, the company announced plans for a public offering before shelving the transaction. Last year, it established a special purpose acquisition company that was later rebranded as Grova Venture Capital, although it denied speculation that the vehicle was intended as a backdoor listing for its construction business.

Beyond construction

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.

The company has expanded beyond contracting into renewable energy, utilities, logistics and property development, giving it multiple businesses that could appeal to public investors.

Its utilities arm has become a major player in clean energy, participating in Egypt’s Benban Solar Park and developing large-scale solar and battery storage projects as countries across the region accelerate investments in the energy transition.

Any listing would come at a delicate time for regional equity markets.

While Middle Eastern exchanges have remained more resilient than many emerging markets, companies continue to weigh where they can achieve the strongest valuations and deepest liquidity.

For Hassan Allam, the decision is becoming less about where the company was built and more about where its future growth is being financed.