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Bloomberg
Emaar Properties PJSC hired Goldman Sachs Group Inc. to manage the sale of shares in its United Arab Emirates real estate development business in Dubai, Chairman Mohamed Alabbar said.
The developer of the world’s tallest tower expects to complete the initial public offering by November with a size similar to its Emaar Malls PJSC offering, Alabbar said in an interview with Bloomberg Television. The malls unit IPO raised about $1.58 billion in 2014 and is the largest share sale in the UAE
in the past nine years, according to data compiled by Bloomberg. Emaar, listed on the Dubai Financial Market, announced plans to spin-off its real estate unit on Wednesday and use the proceeds to pay a special dividend. The move sent shares in the company up 8.6 percent on Wednesday. Revenue from the company’s property development business in the UAE more than tripled to 14.4 billion dirhams ($3.9 billion) in 2016 from 4.2 billion dirhams in 2012, according to Wednesday’s announcement.