Abu Dhabi’s Aldar Mulls Khidmah Listing - Middle East Real Time - WSJ:
"Aldar Properties, the biggest real estate developer in Abu Dhabi, is considering a spinoff of its majority-owned facilities management company via a public listing as the unit’s clientele and scope broadens.
While the timing of a potential IPO is uncertain, it comes as property companies in the United Arab Emirates tap equity markets in growing numbers for new capital or to liquidate existing shareholders’ stakes. Damac Real Estate, a Dubai developer, listed shares in London in December, while Emaar Properties – that emirate’s largest listed developer – said last month that it was planning to list its malls and retail unit in London and Dubai.
Aldar, which completed a merger with former rival Sorouh Real Estate last year, said Sunday that its facilities management company, called Khidmah, could be a good candidate for a listing. Khidmah only managed Aldar properties when it started, but has since branched out. Last year, 78% of its revenue came from elsewhere."
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