Dubai Mall developer Emaar to list on stock market
DUBAI, United Arab Emirates (AP) — Emaar Properties, the developer behind one of the world’s largest shopping malls and the world’s tallest tower, said Sunday it will launch an initial public offering for part of its retail business in Dubai next month.
The Dubai-based developer said in a statement that it expects to sell at least 15 percent of the company known as Emaar Malls Group in the offering. Like Emaar properties, the new company will trade on the Dubai Financial Market.
Emaar’s retail business includes the vast Dubai Mall, the Mideast’s biggest shopping center. It is making 30 percent of the offering available to individual investors and the rest to institutional investors.
Hussam al Husseiny, a chartered market technician, said the news will sway investors who were concerned about liquidity in the market against selling their shares in Emaar.
“These little details that Emaar gave will validate the share for people,” he said.
The company’s retail and malls arm recorded $340 million in revenue in the first six months of 2014. The Dubai government owns around a third of Emaar Properties, which has total assets of nearly $19 billion. Emaar Properties shares closed Sunday at 11.15 dirhmas, or roughly $3.03.