Dubai's Emaar Properties will submit plans to float its Egyptian unit to the North African country's regulator "within days" ahead of an initial share sale earmarked for the second quarter, two sources aware of the matter told Reuters.

The initial public offering (IPO) of a portion of Emaar Misr is expected to be worth in excess of E£2 billion ($270.3 million), making it the largest flotation on the Cairo bourse since 2007.

"Within a few days, Emaar Misr will offer the documents to the stock market. The IPO will be in the second quarter, God willing," said one of the sources, who spoke to Reuters on condition of anonymity as the information isn't public.

"You're talking about a big launch, certainly over two billion pounds."

A unit of Emaar Properties, the largest real estate developer in Dubai, Emaar Misr has a portfolio of investments in Egypt worth around E£53 billion, according to its website.

"Emaar is preparing for listing Emaar Misr, its wholly-owned Egyptian subsidiary this year and the preparation works are in progress," a spokeswoman for the parent company said.

"The timing of the IPO will be dependent on the market conditions, and details on the terms of filing, size, and banks will be announced when they are finalised."

Arranging the listing will be EFG Hermes and JP Morgan, the second source said.

Should the flotation of the Egyptian business go ahead, it would be the second Emaar unit to be listed inside a year, after Emaar Malls Group raised Dh5.8 billion ($1.58 billion) from its 15.4 per cent IPO in September.

Emaar is also watching markets for the best time to float its hospitality business, it said earlier this month.

The Emaar Misr listing would highlight the linkage between Egypt and the UAE, with the latter providing large amounts of financial, energy and political support to the country since the army toppled President Mohamed Mursi of the Muslim Brotherhood after mass protests against his rule in 2013.

Etisalat, the former monopoly telecoms operator in the UAE, said in August it was evaluating listing on the Cairo bourse its Egyptian business, Etisalat Misr.

There has only been one major IPO in Egypt since the political turmoil which began in 2011: in May 2014, Arabian Cement Company raised around 700 million pounds.  - Reuters