Stock News: Emaar Unit Listing Plan Lifts Dubai

Emaar Properties lifts the Dubai bourse after announcing its intention to list its shopping malls unit on the local market.

Shares in Emaar rise 3.3 per cent, helping the benchmark index climb 1.6 per cent.

Emaar said on Monday it would list up to 25 per cent of its malls business on the Dubai Financial Market; the timing of the offer and the listing will be announced later. The IPO is expected to raise Dhs8 to Dhs9 billion ($2.18-$2.45 billion), making it one of the region’s largest equity offers since 2008.

The plan for an IPO of the unit had already been announced, but Emaar officials had previously indicated there might be a dual listing in Dubai and London; Emaar’s decision to make Dubai the primary and possibly only listing is a vote of confidence in the Dubai market and may draw fresh foreign money to it.

Abu Dhabi’s bourse adds 0.6 per cent as two major lenders, National Bank of Abu Dhabi and Abu Dhabi Commercial Bank, rise 2.8 and 3.8 per cent respectively.

Qatar’s benchmark eases 0.1 per cent from the previous session’s all-time high, although Islamic lender Masraf Al Rayan continues its uptrend, gaining 2.1 per cent.