Dubai Stocks Rise as Emaar Unit IPO Starts; Saudi Arabia Drops - Bloomberg

Dubai Stocks Rise as Emaar Unit IPO Starts; Saudi Arabia Drops - Bloomberg:



"Dubai’s benchmark index advanced a second day led by Emaar Properties PJSC (EMAAR) as the developer started selling shares in its malls unit. Saudi Arabia’s shares declined.



The Dubai Financial Market General Index (DFMGI), which fluctuated between gains and losses earlier, added 0.6 percent to close at 4,991.23. Emaar’s shares reversed losses to climb 2.3 percent, the most in almost two weeks. Arabtec Holding Co., the United Arab Emirates’ biggest publicly traded construction company, was the most traded stock, increasing 3.8 percent. Saudi Arabia’s Tadawul All Share Index slid 0.3 percent to 11,026.96, the lowest level since Aug. 26.



Emaar, which owns one of the world’s biggest shopping centers in Dubai, is seeking to raise as much as $1.58 billion from the initial public offering of its retail unit. Emaar Malls Group LLC plans to sell 2 billion shares with a price range of 2.5 dirhams to 2.9 dirhams per share, it said in a statement to the bourse today. About 5.3 billion dirhams ($1.4 billion) of proceeds from the public offering will be allocated as dividend payments to shareholders of Emaar Properties, the developer said in August."



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