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Exemption prompts Emaar to list mall unit on main Dubai market



Emaar Properties PJSC plans to list 25% of its retail division on the Dubai Financial Market.
This was prompted by an exemption from the rules requiring listed companies to sell a minimum of 55%. The MD of the company said the scrapping of plans to sell its shares on the Nasdaq Dubai and in London  was the right decision and the chance of success has been increased greatly, Bloomberg says.  

The developer is currently benefiting from a property market which is recovering from the 2008 crash.  The company has plans to raise about $2.45bn in a sale in June and the funds will be issued as a dividend to its shareholders.

The timing of the listing and public offering will be announced later.  Existing shareholders will get the first choice of the stock, with amounts being set aside for the general public and financial institutions.
The developer holds more than 5.8m sq ft (539000m²) of gross leasable space in Dubai. 

At the close of Dubai trading, Emaar was up 3.7% at 10 dirhams.  The shares have grown 44% this year, providing the company with a market value of 71.6bn dirhams.  It is the largest company on the DFM General Index, being responsible for 22% of the total value. 


More about shopping malls in the United Arab Emirates



YESTERDAY, Finland:
Mall of Tripla introduces fashion enthusiasts to five shops making their first move into the Nordic region.
Aug 9, 2018, United Arab Emirates:
Dubai Holding, Emaar launch new ‘tech-driven’ mall, nearly double the size of Dubai Mall.
Aug 8, 2018, USA:
Scottsdale Fashion Square to be the first property to open Industrious coworking location.
Aug 7, 2018, Italy:
Apple Piazza Liberty opened in Milan to thousands of customers with new retail store design.
Aug 1, 2018, USA:
The first Microsoft mirror appeared in the flagship store H&M on Times Square in New York.
Jul 27, 2018, United Arab Emirates:
The theme park is the part of the large-scale development of Yas Island in Abu Dhabi.
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