Dubai’s Marka To List Shares Sept. 25, First Flotation Since 2009

Dubai retailing and restaurants group Marka will list its shares on the Dubai Financial Market (DFM) on Sept. 25 in the market’s first flotation for five years, the company said on Saturday.

New share issues dried up in Dubai when its financial crisis erupted five years ago and Marka’s flotation signals a reopening of the market as investment conditions improve. Marka initially planned to list its shares on the DFM around the first week of June, but the market was hit by volatility that month.

The firm raised Dhs275 million ($75 million) in April through a share offer that was 36 times subscribed. Founded this year by prominent United Arab Emirates investors, it plans to spend the proceeds of the share sale on opening fashion retail outlets, restaurants and cafes across the Gulf Arab region.

Dubai’s Emaar Properties will begin offering shares in its shopping malls unit on Sunday, aiming to raise at least $1.4 billion, and will list the shares on the DFM on October 2. Other share offers are believed to be in the pipeline.

Two companies have listed shares on the smaller of Dubai’s two stock markets, NASDAQ Dubai, over the past 12 months.