By Amr Adel
Dubai – Mubasher: Emaar Properties is still interested in offering its hospitality unit for public subscription, but the ‘right’ time has not come yet, said Chairman Mohamed Alabbar.
Speaking to journalists on the sidelines of the company’s shareholder meeting, Alabbar added that Emaar awaits improved market conditions to list Emaar Hospitality on Dubai bourse.
Following several years of stalled activity in Dubai, IPOs resumed in 2014 but still some companies decided to shelve their share flotation plans due to fears about the repercussions of the drop in oil prices on the local economy.
The latest IPO seen on Dubai Financial Market was that of DAMAC Properties in early 2015.
Alabbar ruled out listing any of Emaar’s two subsidiaries in the Turkish market. He stressed the significance of the Indian market for his company given its promising real estate market, especially after Emaar announced restructuring its Indian JV Emaar MGF Ltd.
Emaar has several options to finance its expansions over the coming period, said Alabbar, expecting his company to tap debt market this year to capitalise on its creditworthiness.
Translated by Sayed Abdel Rahman
