Arabian Food Industries Co is courting investors in the Gulf and Europe for Egypt’s first initial public offering in eight months, betting on discounted shares to outweigh a foreign currency shortage that has curbed appetite for the nation’s assets.

Egypt's main index edged up after three sessions of losses, rising 0.21 percent to 6,089 points, while daily stock turnover continues to be low at almost EGP 300 million on Thursday.

Pioneers Holding, one of Egypt's largest financial services firms, expects to complete a 2 billion Egyptian pound ($255 million) initial share offering of property developer Rooya Group in the second half of this year.

A senior official at the United Bank said the Central Bank of Egypt (CBE) will not launch the United Bank’s initial public offering (IPO) on the Egyptian Exchange (EGX) until it approves the bank’s 2015 budget.