October 22, 2017 / 7:05 AM / 9 months ago

Emaar plans to sell 20 pct stake in Emaar Development via IPO

DUBAI, Oct 22 (Reuters) - Emaar Properties said on Sunday it plans to sell a 20 percent stake in its property development business unit Emaar Development LLC next month in an initial public offering.

The move comes after Dubai’s leading property firm announced it had obtained shareholder approval for the sale of up to 30 percent of the unit in a public offering in Dubai.

Emaar Development is behind communities in Dubai including Emirates Living, Downtown Dubai, Dubai Marina and Arabian Ranches, and has delivered over 34,500 residential units since 2002.

Retail investors can subscribe to the offering between November 2 to 13, while offers from qualified investors can be made from November 2 to 15, Emaar said in a statement. (Reporting by Saeed Azhar; editing by Jason Neely)

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