Dubai's Emaar denies retail unit spin-off

Emaar Properties, Dubai’s largest real estate developer, has denied reports it plans to list its retail and Turkish units.

The developer of the world’s tallest building, the Burj Khalifa, will list its malls business on the emirate’s stock exchange when market conditions are favourable, Bloomberg said Wednesday, citing an unnamed source.

The Turkish unit would probably be listed in Istanbul, the source added.

“There are no plans for such listings in immediate term and any such decisions will be taken based on strategic requirements of the group, and subject to all mandatory approvals,” Emaar said in an emailed statement.

Emaar Properties is one of the most-traded stocks on the Dubai Financial Market.

It has announced a series of new projects and restarted stalled developments in the last year amid improved real estate conditions in the emirate.

The developer in December launched the first project in Mohammed Bin Rashid (MBR) City, a mega development containing more than 100 hotels, the world's largest shopping mall, a theme park and major green space. Emaar's Dubai Hills will feature villas, each built on plots of 20,000-30,000 sq ft, around a new 18-hole golf course.

The firm has also looked to shift its focus to retail projects and developments outside of its home UAE market.

The developer recently announced plans to establish a joint venture with the Iraqi government to develop housing in the country and plans to build a retail and entertainment complex in Egypt.

Emaar in December signed a US$500m loan to finance a Turkish development called Emaar Square. The project will include residential and commercial retail estate as well as the country’s largest shopping mall. 

“With the current positive growth outlook of Emaar in all its key markets, we are exploring new opportunities to strengthen our project portfolio and create long-term value for our stakeholders,” Mohamed Alabbar, chairman of Emaar Properties, said.