Emaar may cancel London IPO to focus on Dubai

[DUBAI] Emaar Properties, developer of the world's tallest tower, is considering scrapping the listing of its mall and retail unit in London to focus on Dubai, according to two people with knowledge of the matter.

The company is weighing an initial public offering on the Dubai Financial Market (DFM) and seeking an exemption to float less than the required 55 per cent, the people said, asking not to be identified.

Emaar said last month it planned to raise as much as US$2.45 billion with a 25 per cent sale in London and on Dubai's Nasdaq exchange.