Emaar plans to sell 20% stake in property development unit next month

Dubai: Emaar Properties said on Sunday it plans to sell a 20 per cent stake in its property development business unit Emaar Development LLC next month in an initial public offering (IPO).
The move comes after Dubai's leading property firm announced it had obtained shareholder approval for the sale of up to 30 per cent of the unit in a public offering in Dubai.
Emaar Development is behind communities in Dubai including Emirates Living, Downtown Dubai, Dubai Marina and Arabian Ranches, and has delivered over 34,500 residential units since 2002.
Retail investors can subscribe to the offering between November 2 to 13, while offers from qualified investors can be made from November 2 to 15, Emaar said in a statement.