Emirates NBD announced today, in a statement to the Dubai Financial Market (DFM), that it has received an approval form the Central Bank of the UAE to act as a joint Lead Receiving Bank for the upcoming Emaar Malls Group initial public offering (IPO) – under establishment.

The subscription of more than 15% of Emaar Malls Group (EMG) has commenced at 8 am Dubai time today, in the largest IPO in the UAE and the region since 2008.

The seven banks receiving the IPO have completed all the necessary procedures to receive investors through 115 branches spread across the UAE, banking sources have said, adding that e-subscription is also available through the DFM IPO platform, which will be executed through Emirates NBD.

It is worth noting that the subscription is expected to run from September 14 till September 26 and will see strong demand from a variety of investors including individual and institutional investors from the UAE, GCC, as well as foreigners and government bodies.