Emaar Properties,the UAE's biggest listed property developer, has priced the initial share sale of its real estate development subsidiary, Emaar Development, which will be similar in size to the US$1.58 billion flotation of its malls unit in 2014.
Emaar, which is selling 20 per cent of its real estate business, will offer 800 million shares and will announce the offer price range at the opening of the initial public offering (IPO) next month, it said in its prospectus on Dubai Financial Market (DFM)’s website.
The prospectus said 90 per cent of the offer would be reserved for institutional investors, while 10 per cent would be available to retail investors.
Forty million shares would be reserved for the Emirates Investment Authority, the prospectus added.
The Emaar Development offer will be in two tranches, according to the prospectus, with the first taking place between 2-13 November 2017 and the second between 2-15 November.
Dividends from the offering will be distributed to investors in January, Emaar said in a separate statement.
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Read more:
Emaar to float just 20 per cent of real estate development subsidiary
Emaar Development listing is to be celebrated
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Emaar Properties announced the IPO plans earlier this week, scaling back initial plans for up to a 30 per cent stake sale of Emaar Developments.
The reduced size of the offering disappointed investors, with shares in Emaar tumbling 2 per cent on Sunday.
However, the announcement of the IPO is still significant, as only one company - insurer Orient UNB Takaful - has listed on DFM since Dubai Parks and Resorts in November 2014.
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
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- have the ability to support its members and the foster child financially
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