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Sun 10 Feb 2008 11:43 AM

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UAE retailer, developer plan IPOs

Dubai gov't to sell shares in new supermarket; Manazel seeking regulatory approval for offering.

The government of Dubai plans to set up a supermarket company and raise some of the capital by selling shares in an initial public offering (IPO), UAE daily Khaleej Times reported on Sunday, citing a company statement.

Abu Dhabi-based Manazel Real Estate is also planning an IPO, Emirates Business reported, citing the company's chairman.

The Dubai government will sell the equivalent to 55% of Aswaaq, the supermarket chain it plans to the set up, and hold the remaining shares, the Khaleej Times said. The newspaper did not give more details.

Privately owned Manazel, meanwhile, plans to apply for regulatory approval to sell shares in an IPO, Mohammed Al-Qubaisi said, according to the newspaper. It did not give more details. (Reuters)