Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

Emaar Properties, developer of the Dubai Mall, to list part of its retail unit on stock market

FILE - In this Thursday, Jan. 7, 2010 file photo, people enjoy their lunch in a cafe next to Burj Khalifa, the world's tallest building in Dubai, United Arab Emirates. Emaar Properties, the developer behind the Dubai Mall, one of the world’s largest malls, and Burj Khalifa, the world’s tallest tower, said in a statement Sunday, Aug. 31, 2014 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. (AP Photo/Kamran Jebreili, File)

Enlarge Image

FILE - In this Thursday, Jan. 7, 2010 file photo, people enjoy their lunch in a cafe next to Burj Khalifa, the world's tallest building in Dubai, United Arab Emirates. Emaar Properties, the developer behind the Dubai Mall, one of the world’s largest malls, and Burj Khalifa, the world’s tallest tower, said in a statement Sunday, Aug. 31, 2014 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. (AP Photo/Kamran Jebreili, File)

DUBAI, United Arab Emirates - 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 per cent 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 centre. It is making 30 per cent 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.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
The First World War at 100
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates