On Saturday, Dubai’s largest listed property developer said it would list 25 percent of its subsidiary in a public offer expected to raise between 8 billion and 9 billion dirhams ($2.18 billion to $2.45 billion).
Emaar Properties has picked Morgan Stanley to advise it on the listing of a 25 percent stake in its retail and shopping mall unit, a statement from the developer said on Tuesday. But Emaar has yet to appoint banks to manage the initial public offering, the statement added.
