United Arab Emirates property developer MAG Development plans to go public by listing on the Dubai Financial Market, its chief executive officer Sar Haffar, told local newspaper Khaleej Times.
The company, which is a subsidiary of MAG Group Holding, plans to launch its initial public offering (IPO) as it invests 2 billion dirhams ($544.48 million) in its upcoming MAG City project.
“We are in the motion of IPO readiness and we will announce it soon. Since it is in a preparation phase, I cannot commit to the date. It is going to take a bit more than a year and the listing will be on the Dubai bourse,” the CEO said.
He said the plans were still in preparation phase, and that the company has not yet hired an advisor, he added.
Property prices in the United Arab Emirates, particularly in Dubai, have dropped nearly 30 percent since October 2014 amid oversupply in the market.
The MAG City project in Dubai’s Meydan district includes schools, townhouses, and apartments.