JPM, BofA Merrill to join Morgan Stanley on Emaar IPO

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Emaar chairman Mohamed Alabbar.

Emaar chairman Mohamed Alabbar.

JP Morgan and Bank of America Merrill Lynch are to join Morgan Stanley on the syndicate for Emaar Properties' upcoming IPO of its retail and malls business, bankers said.

Last month, Dubai's biggest property firm hired Morgan Stanley to manage an AED8-9 billion ($2.18-2.45 billion) listing of its shopping mall and retail unit, a deal that promises to be the largest ECM transaction in the region since 2008.

Emaar has now appointed JP Morgan to the topline along with Morgan Stanley, while Bank of America Merrill Lynch will be one step below as joint bookrunner.

The listing, which was first contemplated before Dubai's real estate and stock market collapsed in 2009, underscores the extent of the emirate's recovery over the past few years.

Residential property prices increased by more than 20 percent last year and Dubai's main equity index - the best performing bourse in the world in 2013 - is up 18.8 percent so far this year.

Emaar is 31 percent-owned by the Dubai government, which is set to earn a dividend of about $750 million from the listing.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Events that moved the markets

Events that moved the markets

What, if anything, have we learnt from past crises that have...

Big Gulf sell-off fuelled by credit, lax regulation

Big Gulf sell-off fuelled by credit, lax regulation

New impetus to governments in the region to improve financial...

Why PE's back in vogue in the Middle East

Why PE's back in vogue in the Middle East

Confidence is returning to the Gulf’s private equity market after...

Most Discussed
  • 17
    Nakheel PR: The toughest job in Dubai?

    You forgot to mention the sewage pit between JLT and Jumeirah Park and the terrible landscaping in Jumeirah Park The chain link fencing they want to install... more

    Monday, 30 March 2015 9:05 AM - An Emaar Fan
  • 14
    Has Narendra Modi already lost the plot?

    Gaja - Anil is RIGHT this once! Modi stands for anarchy. Look at the way he is treating the minorities. Do you even for a second believe that he is innocent... more

    Sunday, 29 March 2015 1:42 PM - Ann
  • 9
    Post traumatic stress?

    I once had a Emirates Post employee hang up on me when I asked her to repeat something. That said, the worst is my management company, Kingfield Management... more

    Sunday, 29 March 2015 6:07 PM - Sarah