Indian businesses considerd by Emaar with stock listings for hotel units

Emaar Properties is considering the flotation of overseas units and its hotels arm to generate more growth capital and to return cash to shareholders.

The company has told investors that it is looking to “monetise core assets” through further initial public offerings of business divisions, such as its Turkish and Indian units, or through the creation of real estate investment trusts (Reits).

A spokesman for the company told The National that creating independent listed companies for individual segments or international arms of its group would “provide the businesses with appropriate financial and operational means to grow faster and become among the most successful companies in their industries”.

He added that the timing of such deals “will be dependent on market conditions”.

The company also filed audited accounts for 2015 on the Dubai Financial Market, which revealed that it paid Dh123.5 million for a 65 per cent stake in Mirage Leisure and Development – a development management company registered in the British Virgin Islands.

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