Dubai market cheers nod for Emaar’s IPO plans
The Dubai Financial Market General Index (DFMGI) gained 1.86 per cent to hit 4,954.62 points on Monday, May 26. Emaar was in the focus of the trading action, adding 3.22 per cent to hit AED10. The developer and market bellwether has received the required approval from the UAE’s Securities and Commodities Authority for selling down up to 25 per cent of its equity in Emaar Malls Group. “Following the listing, Emaar Malls Group will add significant value to the bourse and is expected to drive more foreign direct investment to the country to boost the economy’s overall competitiveness,” reveals Emaar.