By: Mahmoud Gamal

Dubai – Mubasher: Dubai-listed Emaar Properties acquired 46% of the bourse’s liquidity on Thursday, amid the news that Emaar Hospitality Group won a new contract in Saudi Arabia, in addition to a plan to offer up to 30% of its UAE property development business through an initial public offering (IPO) on Dubai’s bourse.

The stock rose 1.3% to AED 8 by 12:00 am UAE time, generating AED 116.94 million from the exchange of 14.69 million shares

Emaar’s stocks pushed Dubai’s bourse to rise 0.07% to 3,453.35 points, with a turnover of AED 253.47 million.

News that Jabal Omar Development Company (JODC) has selected Emaar Hospitality Group to run one of its hotels is a kind of regional expansion for the latter, capital market analyst Mohamed Al Azmi said.

Emaar Hospitality Group’s Address Hotels + Resorts has been selected to manage a hotel in the Holy City of Makkah, JODC had announced.

Emaar’s IPO news pushed investors to make use of the stock which targets to reach AED 9 on the medium-term, Al Azmi added.

Translated by: Julian Nabil