The proposal to list shares in a part of Emaar Properties, taken by the board under the chairman Mohamed Alabbar, is a good idea. But it would be such a big event for the company, and for financial markets in the UAE, that it deserves careful planning and scheduling.
Initial public offerings, as is being proposed at Emaar, are complicated procedures that need minute planning and careful fine-tuning, down to the last detail.
True, it has been under consideration for some time. Mr Alabbar has long recognised that there is value locked in the company that can be freed up, to the benefit of shareholders (of which the Government of Dubai is a major one) and for the good of the local stock exchanges. But many financial professionals believe recent statements that it can be achieved before the holy month of Ramadan, starting at the end of June this year, are overambitious.
That timetable is made even more demanding by the fact that not one, but two, listings are being considered. Mr Alabbar said in a recent interview that shares in the malls and retail division of Emaar – one of the most successful parts of the business – would be floated on the Nasdaq Dubai market and on the London Stock Exchange (LSE).
A dual listing like this is even more complicated. There is only one true comparator: DP World, which is listed on both Nasdaq Dubai and LSE. But it took five years for DP World to get around to the London quote after its initial flotation in Dubai in 2007, and the pros and cons of the LSE listing are still being debated today.
Other UAE corporates have gone for a London quotation, like the two medical groups NMC and Al Noor, as well as the property developer Damac. These have been successful, judged by the performance of the shares (or global depositary receipts, a form of quasi-equity in the case of Damac). But none have attempted it in the time scale proposed by Emaar, and none have done it simultaneously with a Dubai listing.
There are a range of challenges Emaar faces. The malls and retail division is a separate unit of its empire, but it is not yet a full-fledged corporate entity ready for IPO. Shares have to be issued in the new company, a new board of directors has to be put in place, and financial records provided to the listing authorities in both Dubai and London. These are not trivial matters.
Then there is the question of which market. London or Dubai would be the primary venue for the share issue. This is complicated by the fact that Emaar already has a quotation on the Dubai Financial Market.
Although it would seem obvious that Dubai is Emaar’s primary listing, it is not really so clear-cut. After all, Damac is a Dubai institution born and bred, but in the end it went to London, and in arcane GDR form too, for other reasons.
Emaar says it wants to float the retail business to give money back to shareholders, which is a laudable ambition. But it is prevented from doing so on DFM since companies listed there cannot return money to original investors, only to the company itself. This is an archaic bit of legislation that needs to be urgently revised.
Nasdaq Dubai and London have no such hurdles. Entrepreneurial investors on both exchanges can take cash out of the business, giving them an advantage over DFM.
The final issue that has to be settled at Emaar is how much of the global business will be included in the IPO. Is it the whole of the retail and malls operation? Or is it in effect just The Dubai Mall, a hugely successful business but surely on its own not worthy of the Dh9 billion price range Mr Alabbar has put on the flotation. More clarity is need here on exactly what international investors are being asked to stump up for.
The proposed offering is the most important event in the UAE’s corporate history since the DP World listing in 2007. With hindsight, that was a misconceived and mis-priced issue that did a lot of damage to the country’s stock markets over many years, and from which they are only just recovering.
With Emaar, the management, authorities and advisers should make sure they get it right.
fkane@thenational.ae
Follow us on Twitter @Ind_Insights
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Specs
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More on Quran memorisation:
Points tally
1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3
Match info
Who: India v Afghanistan
What: One-off Test match, Bengaluru
When: June 14 to 18
TV: OSN Sports Cricket HD, 8am starts
Online: OSN Play (subscribers only)
What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.
Australia men's Test cricket fixtures 2021/22
One-off Test v Afghanistan:
Nov 27-Dec 1: Blundstone Arena, Hobart
The Ashes v England:
Dec 8-12: 1st Test, Gabba, Brisbane
Dec 16-20: 2nd Test, Adelaide Oval, Adelaide (day/night)
Dec 26-30: 3rd Test, Melbourne Cricket Ground, Melbourne
Jan 5-9, 2022: 4th Test, Sydney Cricket Ground, Sydney
Jan 14-18: 5th Test, Optus Stadium, Perth
Bio
Age: 25
Town: Al Diqdaqah – Ras Al Khaimah
Education: Bachelors degree in mechanical engineering
Favourite colour: White
Favourite place in the UAE: Downtown Dubai
Favourite book: A Life in Administration by Ghazi Al Gosaibi.
First owned baking book: How to Be a Domestic Goddess by Nigella Lawson.
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Results
2.15pm: Handicap Dh80,000 1,950m
Winner: Hello, Tadhg O’Shea (jockey), Ali Rashid Al Raihi (trainer).
2.45pm: Handicap Dh90,000 1,800m
Winner: Right Flank, Pat Dobbs, Doug Watson.
3.15pm: Handicap Dh115,000 1,000m
Winner: Leading Spirit, Richard Mullen, Satish Seemar.
3.45pm: Jebel Ali Mile Group 3 Dh575,000 1,600m
Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer.
4.15pm: Handicap Dh105,000 1,400m
Winner: Ode To Autumn, Patrick Cosgrave, Satish Seemar.
4.45pm: Shadwell Farm Conditions Dh125,000 1,200m
Winner: Last Surprise, James Doyle, Simon Crisford.
5.15pm: Handicap Dh85,000 1,200m
Winner: Daltrey, Sandro Paiva, Ali Rashid Al Raihi.
ATP WORLD No 1
2004 Roger Federer
2005 Roger Federer
2006 Roger Federer
2007 Roger Federer
2008 Rafael Nadal
2009 Roger Federer
2010 Rafael Nadal
2011 Novak Djokovic
2012 Novak Djokovic
2013 Rafael Nadal
2014 Novak Djokovic
2015 Novak Djokovic
2016 Andy Murray
2017 Rafael Nadal
2018 Novak Djokovic
2019 Rafael Nadal
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Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Arctic Monkeys
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Race 3
Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars
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