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Dubai: Dubai's Emaar Properties, the largest Arab real estate developer by market value, plans to list shares on international markets such as London and New York, the company said in a statement yesterday.
"Emaar is one of the largest listed real estate companies in the world, and we have always been exploring the possibility of having a dual listing for the company in London, New York or any other stock exchanges that will maximise value for our shareholders," a company spokesperson said in an emailed statement.
Arabian Business weekly reported on its website yesterday quoting Emaar's chairman that the company is planning to list in London in the next 12 months.
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"Emaar is considering listing on the London Stock Exchange and the estimated timeline is the next 12 months," Mohammad Al Abbar was quoted by the website.
Emaar's overseas listing plans coincides with Dubai's initiative to actively participate in the global stock exchange consolidation through significant shareholdings in international exchanges such as the LSE and Nasdaq and leading government owned companies planning to offer their shares to the public. Analysts said yesterday that with Borse Dubai set to take a 20 per cent stake in Nasdaq and the US exchange set to take a stake in the Dubai International Financial Exchange, more dual listings by Dubai based companies on Western bourses is likely.
"If Emaar is planning a dual listing it will be good for the company as it will diversify its investor base. However, at the moment we don't have enough information on the exact plans," said Joe Kawkabani, managing director, asset management at Algebra Capital.
According to sources, the company is expected to create a group holding company that would bring all its listed companies under one umbrella. Listed on the Dubai Financial Market, Emaar's current market capitalisation is more than $23 billion (Dh85.5 billion). A listing on London is likely to catapult the stock into the prestigious FTSE 100 league.
Despite Emaar seeing a significant 48.2 per cent upturn in third quarter sales, higher income and share of results from associated companies, it reported a modest 4 per cent year-on-year growth in net income. Emaar's net profit stood at Dh1.56 billion in the third quarter.
Emaar's overseas listing plans coincides with Dubai's initiative to actively participate in the global stock exchange consolidation through significant shareholdings in international exchanges such as the LSE and Nasdaq.
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