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DUBAI / Reuters
Bank of America Merrill Lynch (BAML) and First Abu Dhabi Bank (FAB) are set to join Goldman Sachs in getting roles in the share sale of the UAE real estate development business of Emaar Properties, sources told Reuters on Tuesday.
Dubai-based Emaar, the builder of the world’s tallest tower, is considering an initial public offering of up to 30 percent of the business by November in what could be the first listing on the Dubai
Financial Market in nearly three years.
A spokesman for Emaar, in which Dubai’s government owns a minority stake, said the list of banks was not yet finalised. First Abu Dhabi Bank (FAB) did not immediately respond to a Reuters request for comment, while Bank of America Merrill Lynch (BAML) declined to comment. Emaar is already working with Goldman Sachs on the IPO but other banks are expected to be appointed as coordinators and bookrunners.