Financial statements for Emaar Malls Group (EMG) reveal a net profit of AED 617.18 million during the first half of 2014 compared to AED 498 million during the same period in 2013, recording a profit surge by nearly 24%, according to the Company’s statement on the Dubai Financial Market (DFM).

EMG total revenue for H1-14 rose to AED 1.26 billion against AED 1.1 billion during H1-13. EMG is wholly-owned to Emaar Properties and focuses mainly on developing and managing retail shopping centres.

Emaar Malls also announced selling no less than 15% of its capital through an initial public offering (IPO) in the UAE. The subscription will run from September 14-26. The price range has been set between AED 2.5 and AED 2.9 per share. It is expected that the final price will be announced on September 29.