Dubai-listed Emaar Properties shares surged on Wednesday after the developer announced its plans to list up to 30 percent of its UAE real estate development business through a share offering on the Dubai Financial Market (DFM).
The heavyweight stock jumped nearly 8 percent to AED 7.55 in active trade, pushing DFM’s main index up by 2 percent in mid-day trading. Its shares are currently at their highest level since mid-April.
Earlier today, the developer of Burj Khalifa said it’s the initial public offering of its UAE real estate development business will be “one of the largest since the listing of Emaar Malls.”
The funds raised through the sale of its UAE real estate development business will be distributed as dividends to Emaar shareholders, subject to market conditions, the firm said.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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