The Dubai stock exchange gained a boost after the emirate’s largest listed real estate development company announced plans for new initial public offerings (IPOs).
Emaar Properties saw its share price rise 1.4% following reports that the company would float its Egyptian business unit next year.
The interest in Emaar, which recently listed its malls and retail business unit in a $1.6 billion offer, acted as the main support for Dubai’s index, which added 0.4%.
Last week Mohamed Alabbar, Emaar’s chairman, announced plans to go public with the company’s Egyptian unit, Emaar Misr, around June 2015.
He also said Emaar was considering a public offering of its hotels business, but was waiting for a decision from the board.
In an August report, consultancy PwC commented on the strong outlook for IPO activity in the region. “IPO performance and activity in the first half of 2014 and the positive responses from investors is a testament to the recovery of confidence in the market by both issuers and investors.”
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