Emaar Development brings $2bn Dubai IPO
Another long-awaited IPO kicked off on Monday when Emaar Properties, the United Arab Emirates (UAE) real estate company, launched the spin-off of its flagship property development business, albeit with a smaller deal size than initially expected.
In an intention to float document, Emaar Properties said it would sell a 20% stake in Emaar Development on the Dubai Financial Market in November.
That may surprise prospective investors hoping for greater liquidity, because when the deal was first announced in June, Emaar Properties said it
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