Housing and Development Bank, which is raising LE 930 million ($169 million) to finish housing projects and expand its retail operations, reported net profit more than doubled in 2009.

HDB made a net profit of LE 567 million, up from 202 million in 2008, the stock exchange said on Wednesday.

It launched the capital raising this month to increase its capital to LE 1.6 billion. Shares worth LE 550 million are being sold to the public and the rest to existing shareholders and employees. Government ownership will fall below 50 percent.

Last year, HDB bought 39 percent of Dubai-based Damac Holding’s Egypt unit, whose main project is the 1,500 hectare Hyde Park housing development east of Cairo.