Dubai’s Meraas Holding may launch IPO
Dubai’s Meraas Holding may launch an initial public offering, sources close to the company have claimed. Three sources told the Wall Street Journal the Dubai government-backed real estate firm has sent requests for proposals to several banks looking for advice on how to boost the company’s capital, including the possibility of selling shares as part of an IPO. “Meraas has a phenomenal land bank and the future holds a lot of potential for them,” said one of the bankers. The developer is involved in a number of high profile projects, including a development project for a 1.8km stretch of Dubai Creek which will cost about $544m, the $1.6bn Bluewaters mixed use project along Jumeirah Beach Residence, which will include the world’s largest Ferris wheel and the Citywalk retail project in Jumeirah. It has teamed up with Emaar Properties to develop Dubai Inn, a new economy hotel brand and has also partnered with Six Flags Entertainment Corporation to build an attraction in Dubai.