Monday 10 December 2018

Emaar board approves IPO for real estate unit

DUBAI, October 22, 2017

Emaar Properties’ board has approved the initial public offering of its real estate development subsidiary, Emaar Development, to happen as soon as next month, the company said on Sunday.

The listing, which analyst estimate could raise up to $2 billion, will be only the second IPO on the Dubai bourse since 2015.

Emaar Development will be listed on the Dubai Financial Market with up to 30 per cent of its shares available to the public, Emaar Properties said in a bourse filing on Sunday.

Mohamed Alabbar, Emaar's chairman, confirmed he expected the initial public offering to take place in early November as previously scheduled, according to Albayan.

A Reuters report said the company plans to sell a 20 per cent stake in the unit.

Tags: IPO | Emaar | development | properties |

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