Emaar's property development valued at S$8.9b ahead of IPO

Dubai

THE real estate development business of Emaar Properties, which is being listed in an initial public offering (IPO) in Dubai, is expected to be valued at 24 billion dirhams (S$8.9 billion), two people familiar with the deal said.

The valuation is based on the assets Emaar plans to inject into the listed vehicle, the sources said. In a bourse filing last week the company listed the assets it plans to transfer to the new vehicle.