Construction

Emaar plans to raise up to $1.5bn in development arm IPO

Company offering 800 million shares at AED5.7-6.9 each

Emaar Properties plans to raise as much as $1.5 billion from the initial public offering of its UAE development arm, it emerged on Thursday.

The developer plans to sell 800 million shares in Emaar Development at between AED5.7 ($1.55) and AED6.9 dirhams, according to a statement to the Dubai Financial Market.

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The IPO opens today, in what is said to be largest Dubai IPO since the $1.6 billion Emaar Malls offering in 2014, according to data compiled by Bloomberg.

The IPO is an “opportunity to invest in the future of Dubai as we continue to build iconic freehold master-planned communities,” Emaar Chairman Mohamed Alabbar said in the statement.

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