Emaar Egypt announcement lifts Dubai bourse
Firm plans to float its Egyptian unit next year
Emaar Properties lifted the Dubai bourse yesterday (Tuesday) after revealing plans to float its Egyptian unit.
Emaar, Dubai's largest listed developer, made the announcement following the successful listing of its malls and retail business.
Shares in Emaar, the market's second most heavily traded stock on Tuesday, rose 3.1% to AED11.50 and were the main support for Dubai's index, which added 0.6%.
The company's Egyptian unit, Emaar Misr, is set to go public in June next year and has a value of $817mn-$1.09bn.
Plans are also in the pipeline for the company to float its hotels business, but a final decision is yet to be made by the board.
Last month, Emaar floated its malls and retail unit in a $1.6bn.
Shares in Emaar Malls Group, which surged 12.1% on their stock market debut last Thursday, added a further 0.9% on Tuesday and Emaar Malls was the most heavily traded stock that day.
Emaar will use funds from the completed IPO to pay out a $2.4bn dividend.