Emaar says no plans for malls unit spin-off
Dubai, January 16, 2013
Dubai-based Emaar Properties, the emirate's largest listed property developer, has no immediate plans to spin off its malls business or its Turkish unit, a spokesperson for the company said on Wednesday.
Emaar, builder of the world's largest mall, will list its malls unit on the emirate's bourse when market conditions are favourable and it plans a listing for its Turkish unit in Istanbul, Bloomberg News reported on Tuesday, citing sources that it did not identify.
No timeframe for the listing was provided in the article.
"There are no plans for such listings in the immediate term and any such decisions will be taken based on strategic requirements of the Group, and subject to all mandatory approvals," a spokesperson for the company said in a statement to Reuters.
Another source close to the company told Reuters that a spin-off of the malls business was an option that Emaar had considered in the past, but it was unlikely to happen for now because of soft stock market conditions in the United Arab Emirates.
The developer has shifted its focus in recent years away from the emirate's property market and towards its more profitable retail and hospitality business.-Reuters
More Retail & Wholesale Stories
- Acer targets double digit growth in Saudi
- Origin offers a chance to win luxury doors
- Big jewellery show opens in Abu Dhabi
- Casio offers G-Shock in camouflage patterns
- AdvanTag to launch mobile app in Dubai
- Bahrain Duty Free plans $2.6m revamp
- Sennheiser unveils new microphone system
- Centrepoint opens 100th store in Dubai
- Panasonic to showcase top AV solutions in Dubai
- Alhokair eyes US, UK buys; plans debut sukuk
- 20 countries back Abu Dhabi jewellery show
- SanDisk launches 128GB memory card
- Canon launches 30x zoom PowerShot
- Bin Hindi unveils new 'Twenty20' sales plan
- Nokia tops UAE mobile handsets market
- Spinneys to set up distribution centre at Kizad
- P&G wins product innovation awards
- Xerox names MEA general manager
- India's Bharti group mulls Carrefour tieup
- Etisalat opens retail shop in Dubai Mall
- Ultra wealthy to spend more on luxury goods
- Kuwait group inks JV deal with China jeweller
- MAF in deal to set up retail academy
- Samsung, UPB sign deal to supply AC systems
- Samsung showcases latest UHD monitors
- Unilever named 'employer of choice' in Saudi
- New Nokia Asha range arrives in Bahrain
- Canon launches 2 compact B&W MFPs
- MAF to build new mall in Dubai IMPZ
- Big growth seen for Mideast retail sector