THE OWNER of the world’s largest shopping centre is to float in Dubai next month in what would be one of the largest equity sales in the Middle East since the financial crisis.
Emaar Properties said yesterday that it expects to launch an initial public offer of at least 15 per cent of its shopping centre business Emaar Malls Group (EMG), signalling Dubai’s recovery from a credit crisis that caused the Gulf state’s property market to collapse.
Around 30 per cent of the offer will be made available to individual investors and the remaining 70 per cent to institutional investors.
EMG’s flagship assets include the Dubai Mall, the world’s largest centre by total area and Burj Khalifa, the world’s tallest building.
Rothschild is advising on the deal.