October 24, 2017 / 2:30 PM / a year ago

UPDATE 1-Emaar expects to pay special dividend from real estate listing proceeds

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RIYADH, Oct 24 (Reuters) - Emaar Properties expects to pay a special dividend to shareholders by December or January from the proceeds of a partial listing of its real estate business, the property developer’s chairman said on Tuesday.

Dubai’s largest listed property developer had said on Sunday it expects to list 20 percent of Emaar Development IPO-EMAA.DU. It has received shareholder approval to list up to 30 percent.

“We suggested 20 percent looking at what kind of value we’re getting out of the whole IPO (initial public offering),” Emaar Chairman Mohamed Alabbar said at a Riyadh press conference.

“The 20 percent looks reasonable and then we’re estimating that we’ll be able to do that and take the 20 percent and distribute a good chunk of it to our shareholders I hope by December or January.”

Alabbar also said he “would love” to work on real estate projects with the Public Investment Fund (PIF), Saudi Arabia’s top sovereign wealth fund, though he said no such discussions were underway.

The sovereign wealth fund bought a 50 percent stake in Alabbar’s Adeptio investment vehicle in November, and has backed Noon, the Middle East e-commerce site launched by the Dubai billionaire.

Alabbar said he would be interested in being involved in a transnational business and industrial zone across Saudi Arabia, Egypt, and Jordan, announced earlier on Tuesday by Saudi Crown Prince Mohammed bin Salman. (Reporting by Katie Paul and Hadeel Al Sayegh, writing by Alexander Cornwell, editing by David Evans and Jane Merriman)

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