News Column

Emaar to list Emaar Malls Group

May 26, 2014

ArabianBusiness.com Staff



Emaar Properties has announced that it has received the required approval from the UAE'sSecurities & Commodities Authority for selling down up to 25% of its equity in Emaar Malls Group.

The anticipated funds raised from the proposed IPO will be primarily distributed as dividend to the shareholders of Emaar Properties.

The company said the timing of the public offering and listing will be announced at a later date.

Following the listing, the statement said that Emaar Malls Group will add significant value to the bourse and is expected to drive more foreign direct investment to the country to boost the economy's overall competitiveness.

"The malls business is one of our high-performing subsidiaries, and the proposed listing on DFM will enable the business to achieve its true potential," said Mohamed Alabbar, chairman of Emaar Properties.

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Alabbar added that the massive infrastructure development in the lead up for the World Expo 2020 is a key driver for Emaar's malls business.

"The positive economic indicators of Dubai, led by its status as a global hub for business and leisure and the massive infrastructure development in preparation for hosting the World Expo 2020, are growth drivers for our malls and retail business."

"The planned listing on DFM will also benefit from the UAE entering the emerging market index of MSCI."

Emaar's flagship mall asset, The Dubai Mall, welcomed nearly 21mn visitors in the first three months of 2014. Last year, the mall hosted over 75mn visitors from around the world.

Emaar's malls assets include The Dubai Mall, Dubai Marina Mall, Souk Al Bahar and Gold & Diamond Park.


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Source: Construction Week (United Arab Emirates)


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