Thursday , 21 September 2017

Emaar to launch IPO of real estate development business by November: Al Arabiya TV

Dubai-based Emaar Properties plans to launch the initial public offering (IPO) of its real estate development business by November, Emaar’s chairman Mohamed Alabbar told Al Arabiya TV on Thursday.

Emaar, whose interests span hotels, entertainment and shopping malls, said on Wednesday it had decided to list the real estate development business in Dubai to maximise value for shareholders, which would be in line with its strategy of separating its businesses into listed companies.

Alabbar said the board of directors was discussing distributing 100 percent of funds from the sale of up to 30 percent of the shares of the real estate development business to shareholders of Emaar Properties.

The company floated Emaar Malls in 2014, valuing the business at 37.7 billion dirhams ($10.27 billion).

When asked by the channel if the valuation was close to the value of Emaar Malls, Alabbar said he expected the numbers to be close.

“We are still in the beginning, we are working with Goldman (Sachs) on this process,” he said.

About Marc Mcilhone

Marc Mcilhone is ArabBrains' Editor - sourcing news and features content and overseeing the work of the site’s contributors. Marc’s work is informed by his technical background in architecture having worked for some of the UK’s leading practices on projects within the education, healthcare and housing sectors. Marc has a particular interest in how innovators are creating sustainable solutions that have a positive impact on people’s everyday lives. Please email press releases and news to: editor@arabbrains.com

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