Emaar to issue IPO of real estate business in Dubai
08 Jun 2017 - 0:58
Dubai: Emaar Properties, the builder of the world’s tallest tower, plans to offer up to 30 percent of its United Arab Emirates real estate development business in what would be the first listing on the Dubai exchange in two and a half years.
The property developer said the decision to list in Dubai would maximise value for shareholders, and is in line with its strategy to make its businesses separate listed companies. The company floated Emaar Malls in 2014, valuing the business at $10.27bn.
“As Emaar’s other businesses have grown and expanded, we wanted to ensure that investors who value the UAE Real Estate Development business the most, the foundation of Emaar’s success, can do so directly,” Emaar’s chairman Mohamed Alabbar said.