Report: Emaar plans Dubai, London listing for retail unit

Developer plans dual listing for shopping malls unit, says chairman Mohamed Alabbar

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Dubai’s Emaar Properties plans to list its shopping malls and retail unit in both Dubai and London, the company's chairman Mohamed Alabbar was quoted as saying on Tuesday.

“This will be a dual listing. We are a Dubai company so we have to be in Dubai, but we will list in London. I would like to do this quickly and am shooting for before Ramadan,” Arabian Business quoted Alabbar as saying in an interview.

The Muslim holy month of Ramadan will start near the end of June this year.

In Dubai, the listing will occur on Nasdaq Dubai, the smaller of the emirate’s two stock exchanges, Alabbar confirmed.

On Saturday, Dubai’s largest listed property developer said it would list 25 percent of its shopping malls and retail unit in a public offer expected to raise between 8 and 9 billion dirhams ($2.18-$2.45 billion).

Alabbar has also said Emaar is preparing for a public offer by its wholly-owned Egyptian unit, Emaar Misr, and will consider listing other units such as its hotels business.

“Today I can’t see other segments, but then someday we might say should Downtown be a separate listed company?” he was quoted as saying, referring to one of Emaar’s flagship developments in Dubai.

“It all depends on the financials and the value it will bring for our shareholders. The value of At The Top is incredibly high. Maybe someday people will want to be shareholders in that. If it makes value for our shareholders, our board will consider it.”

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