Dubai, United Arab Emirates.  Picture: THINKSTOCK
Dubai, United Arab Emirates. Picture: THINKSTOCK
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Dubai/Abu Dhabi — Emaar Properties has hired Goldman Sachs to manage the sale of shares in its United Arab Emirates (UAE) property development business in Dubai, says chairman Mohamed Alabbar.

The developer of the world’s tallest tower, the Burj Khalifa, expected to complete the initial public offering by November with a size similar to its Emaar Malls offering, Alabbar said in an interview with Bloomberg Television. The malls unit raised about $1.58bn in 2014.

Emaar, listed on the Dubai Financial Market, announced plans to spin off its property unit on Wednesday. The unit’s revenue more than tripled to 14.4-billion dirhams ($3.9bn) in 2016 from 4.2-billion dirhams in 2012, according to Wednesday’s announcement.

The biggest publicly traded company in Dubai was listing its UAE property arm to help achieve a better valuation from investors, Alabbar said.

"If you look at our 53-billion-dirham valuation and cut it to pieces, you realise there is zero value for our development business, which is massive," Alabbar said. "We just want to bring in value as soon as possible for our customers and to reflect the correct value of our shares."

Bloomberg

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