Emaar Properties is expected to offer shares in its UAE development business at a 10 to 20 per cent premium to the unit’s net asset value, according to three people familiar with the plans.
The lead managers on the initial public offering are estimating Emaar Development's fair value at between Dh26 billion and Dh33, two of the people said, asking not to be identified. A 10 to 20 per cent premium would imply an offer price of Dh6.63 to Dh7.23 a share, according to Bloomberg calculations.
A spokesman for Emaar said the company would not comment on rumours or speculation.
Emaar Properties, which spearheaded a building boom in the emirate over the past 15 years and built Burj Khalifa the world’s tallest tower in Dubai, will sell 800 million shares, or 20 per cent of its real-estate development business, starting on November 2. The sale will close on November 15 and the company expects to announce final pricing a day later. Shares will be listed on the Dubai Financial Market on November 22.
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Read more:
Emaar Development IPO to be similar in size to $1.58bn Emaar Malls flotation
Emaar Development listing is to be celebrated
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Emaar said on October 22 the unit had a net asset value at Dh24.1bn at the end of September, or Dh6.025 a share. Damac Properties trades at a 16 per cent premium to net asset value, according to Bloomberg calculations.
Emaar Development is targeting the distribution of aggregate dividends of no less than US$1.7bn, to be paid over the next three financial years ending December 2020. Annual dividend payments after that are expected to increase further due to lower leverage and higher expected cash flow from operations, it said.
Given its dividend plans, Emaar Development may price at the top end of the range, although the overall price range could move depending on demand, one of the people said.
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Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
Coming soon
Torno Subito by Massimo Bottura
When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.
Akira Back Dubai
Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
