Emaar Properties hired HSBC Holdings and Emirates NBD "ENBD" as book runners for the initial public offering (IPO) of its retail arm, with Rothschild as financial adviser , according to Bloomberg. National Bank of Abu Dhabi and EFG Hermes Holding will also be book runners on the sale of between 25-30% of the malls unit on the Dubai Financial Market (DFM). Emaar will seek to raise about $2 billion through the sale planned for September. The IPO would be the largest in the Middle East and Africa since 2008. Furthermore, the share sale will have two portions - one targeting local investors and another aimed at US investors.