By Bernd Debusmann Jr
MAG Development CEO Sar Haffar says the firm is planning mixed-use developments in Africa and Asia
MAG Group’s real estate development arm, MAG Development, plans to raise funds through an IPO and expand abroad, CEO Sar Haffar told local media.
In an interview with the Abu Dhabi-based National newspaper, Haffar said that “we are transforming the business into a corporate structure, and we are working on [an] IPO-readiness plan that should be implemented within a year or two, depending on how quickly we develop that.”
Haffar provided no further details on how much the company hopes to raise through the IPO or the size of the stake it plans to sell.
“The idea is to be ready to have all the process in place before we go public,” he added. “We are working in coordination with some kind of advisers on this. The company would be listed in Dubai.”
Additionally, Haffar said that MAG Developments is already eying opportunities to expand in both Africa and Asia, with three projects planned for 2020.
While he did not provide any more details on the locations, Haffar said that said that the projects will be mixed-use developments.
“We will announce something in due time,” he said. “Every project is going to be in the size of MAG City [in Meydan], which we broke ground [on] recently.”