Dubai stock market

Dubai Mall developer Emaar to list on stock market


                    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

percent 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 center.

                  It is making 30 percent 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.  more >>