Emaar Properties PJSC (Emaar) announced today its intention for a primary listing of Emaar Malls Group on the Dubai Financial Market (DFM).
The statement revealed that Emaar received the required approval from the UAE’s Securities & Commodities Authority for selling down up to 25 percent of its equity in Emaar Malls Group. The anticipated funds raised from the proposed IPO will be primarily distributed as dividend to the shareholders of Emaar Properties. The exact timing of the public offering and listing will be announced at a later date.
“The Malls business is one of our high-performing subsidiaries, and the proposed listing on DFM will enable the business to achieve its true potential,” said Mohamed Alabbar, Chairman of Emaar Properties.
With a significant gross leasable area of over 5.8 million squarefeet in Dubai, Emaar’s malls assets include The Dubai Mall, Dubai Marina Mall, Souk Al Bahar and Gold & Diamond Park.
Following the listing, Emaar Malls Group will add significant value to the bourse. It is expected to drive more foreign direct investment to the country to boost the economy’s overall competitiveness.
“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,” added Alabbar. “The planned listing on DFM will also benefit from the UAE entering the emerging market index of MSCI.”
Emaar’s flagship mall asset is The Dubai Mall. During the first three months of 2014 it reportedly welcomed 21 million visitors. Last year, the mall hosted over 75 million visitors from around the world.
Emaar is now further enhancing the fashion and lifestyle choices at the mall with the expansion of its Fashion Avenue by another 1 million square feet, which will add more than 150 new shops to the mall.