Emaar Development’s IPO to attract large number of Saudi investors
Emaar EMAAR -1.80% 7.63 -0.14
Dubai – Mubasher: Emaar Properties on Monday said that the initial public offering (IPO) of its unit, Emaar Development attracted a large number of regional investors, especially Saudi investors.
The qualified Saudi investment institutions represented a part of the top-10 investors that will participate in the IPO, according to Emaar Properties’ statement on Monday to the Dubai Financial Market (DFM).
About 40 % of the IPO's shares will be allocated for the international investors.
The Saudi investment institutions will be large shareholders in the firm after completing the IPO.
Emaar Properties’ business generates high cash inflows, and it achieved sales of AED 41 billion.
The UAE-based properties firm aims to distribute cash dividends not less than 8.6% for the coming three years.
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