Dubai’s Emaar to list retail unit ‘within months’
Dubai’s property developer Emaar plans to list its retail unit within months, the chairman of the Dubai property developer told Al Arabiya News Channel after reports came out that the company will spin off its shopping mall unit and wants to raise up to $2.4 billion by listing it in what would be one of the biggest equity sales in the region since the financial crisis in 2008/09.
Chairman Mohammed Alabbar said that the timetable for the listing is likely to be “within months” and is “definitely less than a year”, adding that the proceeds “will be primarily distributed as dividend” to shareholders.
Shares in Dubai’s Emaar Properties jumped by more than 5 per cent on March 16 in the morning.
Alabbar said several banks had been asked to evaluate the retail unit. It is believed that the unit is worth around $9.53 billion.
Emaar is also preparing an IPO of its Egyptian unit Emaar Misr. After that, Emaar is likely to IPO its hospitality unit. The developer is behind some of Dubai’s flagship developments such as the Burj Khalifa, the world’s tallest building, and the giant Dubai Mall development.
Dubai's property developer Emaar plans to list its retail unit within months, the chairman of the Dubai property developer told Al Arabiya News Channel after reports came out that the company will spin off its shopping mall unit and wants to raise up to $2.4 billion by listing it in what would be one of the biggest equity sales in the region since the financial crisis in 2008/09. Chairman Mohammed Alabbar said that the timetable for the listing is likely to be “within months” and is “definitely less than a year”, adding that the proceeds “will be primarily distributed as...
Dubai’s property developer Emaar plans to list its retail unit within months, the chairman of the Dubai property developer told Al Arabiya News Channel after reports came out that the company will spin off its shopping mall unit and wants to raise up to $2.4 billion by listing it in what would be one of the biggest equity sales in the region since the financial crisis in 2008/09.
Chairman Mohammed Alabbar said that the timetable for the listing is likely to be “within months” and is “definitely less than a year”, adding that the proceeds “will be primarily distributed as dividend” to shareholders.
Shares in Dubai’s Emaar Properties jumped by more than 5 per cent on March 16 in the morning.
Alabbar said several banks had been asked to evaluate the retail unit. It is believed that the unit is worth around $9.53 billion.
Emaar is also preparing an IPO of its Egyptian unit Emaar Misr. After that, Emaar is likely to IPO its hospitality unit. The developer is behind some of Dubai’s flagship developments such as the Burj Khalifa, the world’s tallest building, and the giant Dubai Mall development.
