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Emaar to IPO real estate development business in Dubai

Staff Writer |
Emaar Properties plans to offer up to 30 percent of its United Arab Emirates real estate development business in what would be the first listing on the Dubai exchange in two and a half years.

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The developer said the decision to list in Dubai would maximize value for shareholders, and is in line with its strategy to make its businesses separate listed companies.

The company floated Emaar Malls in 2014, valuing the business at 37.7 billion dirhams ($10.27 billion).

"As Emaar's other businesses have grown and expanded, we wanted to ensure that investors who value the UAE Real Estate Development business the most, the foundation of Emaar’s success, can do so directly," Emaar's chairman Mohamed Alabbar said in a statement published on the Dubai bourse's website.

"This will ensure that the value of this business is properly recognized."

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