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[2007-11-15] Dubai's Emaar planning London listing potentially worth 40 bln usd
The Dubai-based construction giant Emaar plans to float on the London Stock Exchange in the next twelve months in a listing that could value the firm at 40 bln usd, a report in Arabian Business magazine said.
In its online edition, it cited Emaar chairman Mohammad Alabbar as saying: 'Emaar is considering listing on the London Stock Exchange and the estimated timeline is the next 12 months.'
The Dubai-based magazine cited sources close to the company speculating that the listing would be in the form of a 'mother company' covering the entire Emaar empire -- its Dubai Financial Market listing, its India listing and its 30 pct stake in an economic city under construction in Saudi Arabia.
With the DFM listing worth 21 bln usd and India 17 bln usd, any London listing is likely to top the 40-bln-usd mark, Arabian Business said.
Emaar's projects include Burj Dubai, an under-construction tower which is already the world's tallest building, and the sprawling Dubai Mall.
Outside the United Arab Emirates, it is developing the 26-bln-usd King Abdullah Economic City on the Red Sea coast of Saudi Arabia.
