Dubai’s Emaar Properties to Raise Stake in Development Unit - Bloomberg
Emaar Properties PJSC plans to increase its stake in its development business, whose shares have lost a quarter of their value since the firm listed in 2017.
The company’s board approved increasing the stake in Emaar Development at a meeting on Thursday, it said in a statement, without providing further details. Emaar Properties already holds 79% in the unit.
Emaar Properties, the Dubai-based developer of the world’s tallest tower, took its malls business private last year -- at a discount to its listing price.
The company’s shares have gained 9.4% this year on the back of a rebound in property prices in Dubai, which have bounced back strongly over the past year. Dubai’s luxury home market should keep growing after a “spectacular turnaround” in 2021, property consultant Knight Frank said in March.
Emaar Properties raised 4.82 billion dirhams ($1.31 billion) from the sale of a 20% stake in its development business in 2017. The stock has since dropped about 25%, closing at 4.54 dirhams on Thursday.
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