Dubai's Emaar may float Turkey or India IPOs
The developer will reportedly "monetise core assets" through these IPOs to generate capital growth, but the move is "dependant on market conditions"
Dubai developer Emaar Properties is reportedly eyeing international initial public offerings (IPO) in a bid to generate capital growth and shareholder earnings.
The firm has told its investors it may "monetise core assets" through IPOs of some divisions, such as its Turkish and Indian units, or through the creation of real estate investment trusts.
According to Arabian Business, an Emaar spokesperson told local daily The National that the move, if implemented, would "provide the businesses with appropriate financial and operational means to grow faster and become among the most successful companies in their industries”.
The spokesperson also said that the timing of any such listing would be “dependant on market conditions”.
Emaar Malls, a subsidiary of the development firm, launched its IPO in 2014, in what was then the largest investment on Dubai Financial Market since 2007.
Last year, the firm's Egypt subsidiary, Emaar Misr, started trading on the Cairo bourse in July.