By Andy Sambidge
Company to conduct independent valuation of Dubai major ahead of initial public offering
Dubai's Al Habtoor Group has appointed Grant Thornton to conduct an independent valuation of the company ahead of its proposed IPO.
The move follows a meeting between senior Al Habtoor Group and Grant Thornton officials in Dubai.
Grant Thornton said in a statement that it has listed companies in more than 30 countries including the United Kingdom, France, Germany, Ireland, Hong Kong, Malaysia, Egypt and China.
It has executed more than 220 mandates on the London AIM Market and has clients from various sectors including companies with Middle Eastern investors. It also has extensive Islamic Finance expertise.
The global advisory firm added that a team led by chairman Farouk Mohamed will be working closely with the Al Habtoor Group.
David Fisher, CEO Middle East Advisory and Global CEO of Corporate Finance, will be leading on the regulatory requirements and provide the market advice needed, Grant Thornton added.
Al Habtoor Group plans to raise up to $1.6bn in an initial public offering (IPO) on the NASDAQ Dubai in March 2013, its chairman told Arabian Business earlier this week.
The firm will use the funds to acquire five-star hotels in London and Paris, invest in agricultural land in Central and Eastern Europe and in private hospitals at home and abroad, Khalaf Al Habtoor said.
Al Habtoor, which has businesses ranging from construction, hospitality, automotive and real estate, is studying the possibility of a dual listing in London or Saudi Arabia.