By: Ramy Sameeh
Abu Dhabi-Mubasher: Jannah Hotels & Resorts reset the launching date of its initial public offering (IPO) that was scheduled for 2020, the group’s CEO Nehme Imad Darwiche said in an interview with Mubasher.
“The board agreed on rescheduling the IPO for 2019 instead of 2020,” Darwiche detailed.
“The IPO has been brought forward in an attempt by the company to become the first tourism company listed in the UAE stock market,” he said.
“We hope to launch the IPO before 2019, but the procedures take longer time,” he said, adding that “We already appointed financial advisors to conduct the necessary studies.”
The UAE’s IPO market is expected to see a significant growth in the coming years, with its volume likely to reach $1.2 billion by 2018.
The group’s total investments amount to AED 1.8 billion ($490.1 million) in the UAE and abroad, according to the CEO.
