Dubai’s Emaar to list retail unit within ‘months’
Emaar stock up by as much as 5% on plan to raise more than $2bn in equity offer
Emaar plans to list its retail unit within months, the chairman of the Dubai property developer told the Al Arabiya News Channel.
Mohammed Alabbar said that the timetable for the listing is likely to be “within months” and is “definitely less than a year”.
Shares in Dubai’s Emaar Properties jumped by more than 5 percent on Sunday morning after the developer said it plans to list its shopping-mall unit. The stock, listed on the Dubai Financial Market, was up 5.43 percent at Dh5.43 at around 10.15am local time.
The company said on Saturday it would sell up to 25 percent of its shopping mall and retailing unit in a public offer expected to raise between $2.18 and $2.45 billion.
The listing would be one of the region’s largest equity offers since the financial crisis. The proceeds “will be primarily distributed as dividend” to shareholders, Emaar said.
Alabbar said several banks had been asked to evaluate the retail unit. It is believed that the unit is worth around Dh35bn ($9.53bn).
Alabbar said Emaar is also preparing an IPO of its Egyptian unit Emaar Misr. After that, Emaar is likely to IPO its hospitality unit.
Emaar is behind some of Dubai's flagship developments such as the Burj Khalifa, the world’s tallest building, and the giant Dubai Mall development.