In an interview with Bloomberg Television, Mohamed Alabbar, Chairman of Emaar Properties revealed that the firm had appointed Morgan Stanley to advise on the sale of 25 per cent stake of its malls & retail unit, CPI  Financial reported.

Emaar is looking to complete a secondary listing on both NASDAQ Dubai and in London by the end of the second quarter. Alabbar also said Emaar may appoint a local (UAE) bank as an additional adviser for the offering.

"We have raised our fair value on Emaar from AED 6.88 to AED 10.57 per share. This comes mainly on the back of us now assigning a value to the three Dubai mega-projects announced in 2H2013 (the Lagoons, Dubai Hills Estate and DWC). We had consistently indicated that our previous fair value should be taken as a rock-bottom minimum, as we did not value these projects due to a lack of sufficient information about them. We still have no detailed information on these projects but have chosen to value them at their land value.

"We have also raised our valuation of the retail assets (by 11%) and the hospitality division (by 16.5%) to reflect the continuing buoyancy of the tourism trade in Dubai. Our new valuation of the retail division implies a net cap rate of 7%, which we are fully comfortable with. Finally, we have integrated into our estimates and valuation all of the Dubai projects announced YTD.