Asian News

Dubai’s Emaar Properties to IPO real estate development business, list in Dubai

DUBAI: Dubai’s Emaar Propertiessaid on Wednesday it plans to offer up to 30 percent of itsUnited Arab Emirates real estate development business in aninitial public offering.

The decision to hive off the unit in a public share sale anda listing on the Dubai Financial Market came after an internalreview of Emaar’s asset values, Emaar said in a statementpublished on the Dubai bourse website.

Subject to market conditions, the funds raised through thesale of equity would be distributed to shareholders of EmaarProperties, it said.

(Reporting by Hadeel Al Sayegh; Editing by Stephen Coates)

 

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