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Dubai govt 'to set up supermarket chain'

Dubai, February 10, 2008

The government of Dubai plans to set up a supermarket company and raise some of the capital by selling shares in an initial public offering, a local newspaper report said citing a company statement.

The Dubai government will sell the equivalent to 55 percent of Aswaaq, the supermarket chain it plans to the set up, and hold the remaining shares, the Khaleej Times said. The newspaper did not give more details.

Meanwhile, Abu Dhabi-based Manazel Real Estate is planning an IPO, Emirates Business reported, citing the company's chairman.

Privately owned Manazel plans to apply for regulatory approval to sell shares in an IPO, Mohammed al-Qubaisi said, according to the newspaper. It did not give more details.  -Reuters




Tags: Dubai | supermarket | chain |

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