Built to inform

Sign up for the daily newsletters

No, Thank you

Emaar Egypt announcement lifts Dubai bourse

Firm plans to float its Egyptian unit next year

Emaar is lifting the Dubai bourse
Emaar is lifting the Dubai bourse

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.

Most popular

Awards

Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 761
Mar 21, 2020