Emaar plans to list UAE property development unit

Emaar Properties says it will list 30% of its UAE property development business on the Dubai Financial Market.

It would be the third listing of an Emaar business unit, following the initial public offering (IPO) of Emaar Malls in 2014 and the listing of the firm’s Egyptian unit on the Cairo stock exchange in 2015.

“As Emaar’s other businesses have grown and expanded, we wanted to ensure that investors who value the UAE Real Estate Development business the most, the foundation of Emaar’s success, can do so directly,” said a statement to the exchange.

The statement said that, subject to market conditions, proceeds of the listing would be distributed to shareholders of Emaar Properties, which has traded on the Dubai exchange since 2000.

The Dubai Financial Market has not hosted an IPO for more than two years.

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