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Emaar board approves public offering of property development unit

Emaar Properties has gained shareholder approval for the sale of up to 30 percent of Emaar Development. (Reuters)
DUBAI: Emaar Properties said on Sunday it plans to sell a 20 percent stake in its property development business unit Emaar Development 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.

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