Emaar Properties PJSC (EMAAR), which makes up almost a quarter of Dubai’s main stock index, is considering spinning off its malls and Turkish unit as it looks for ways to boost shareholder returns, according to two people who were briefed on the company’s internal discussions.
The developer of the Dubai Mall, the world’s largest by area, would list the mall business on the city’s exchange once market conditions are favorable, the people said, asking not to be identified because the talks are private. The Turkey unit would probably be listed on the Istanbul exchange, they said.
The developer, whose operations span at least 12 countries including China, India, Indonesia and Egypt, said Oct. 3 that it will develop 67,000 square meters (721,181 square feet) of land in Istanbul, including over 1,000 homes, offices, leisure attractions, a hotel and one of Turkish city’s largest malls.
Dubai’s Emaar Said to Weigh Mall Unit Spinoff to Boost Returns - Bloomberg
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