Emaar Malls Group opts for initial public offering
This week, the operator of the world's largest mall — Emaar Properties — has announced a plan to float 25% shares of its Emaar Malls Group on the Dubai Financial Market (DFM), as a primary listing.
The date of the initial public offering has not been disclosed yet, but is expected to raise between $2 billion and $2.5 billion.
"The malls business is one of our high-performing subsidiaries," said His Excellency Mohamed Alabbar, chairman of Emaar Properties. "The proposed listing on DFM will enable the business to achieve its true potential."
More than 55% of Emaar Properties' revenues come from its shopping malls, hospitality and leisure, and international operations. In 2013, the malls and retailing unit reported revenue of $800 million, up over 20% from 2012.
"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," he clarified.