June 7, 2017 / 5:52 AM / 2 months ago

Dubai's Emaar Properties to IPO real estate development business, list in Dubai

DUBAI, June 7 (Reuters) - Dubai's Emaar Properties said on Wednesday it plans to offer up to 30 percent of its United Arab Emirates real estate development business in an initial public offering.

The decision to hive off the unit in a public share sale and a listing on the Dubai Financial Market came after an internal review of Emaar's asset values, Emaar said in a statement published on the Dubai bourse website.

Subject to market conditions, the funds raised through the sale of equity would be distributed to shareholders of Emaar Properties, it said. (Reporting by Hadeel Al Sayegh; Editing by Stephen Coates)

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