Dubai Government-Owned Developer Meraas Holding Mulls IPO - WSJ

Dubai Government-Owned Developer Meraas Holding Mulls IPO - WSJ:



"Dubai government-owned property developer Meraas Holding is considering selling shares to the public as the regional real-estate market continues its rapid recovery from the financial crisis, according to three people familiar with the matter.



The real-estate company, which has close links to Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum, recently sent a request for proposals to banks who have until September to reply, said one of the three people who has seen the RFP. Meraas is asking banks to advise on improving the company's general capital structure and equity financing options, including an initial public offering, said the people.



Dubai's real-estate market has rebounded briskly in the past year in large part because of the strengthening local economy, which has been revitalized by a surge in tourism and trade activity. The emirate has also won the rights to host the World Expo in 2020, while index compiler MSCI Inc. upgraded the United Arab Emirates to emerging market status earlier this year, further boosting sentiment."



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