Dubai – Mubasher: The listing of Emaar Development’s shares on the Dubai Financial Market (DFM) will help in reflecting the true value of the real estate development activity in Dubai, said Mohamed Alabbar, Emaar properties’ chairman.

Emaar Development is the cornerstone of Emaar Properties, as it has a huge portfolio of lands, the development of which will take 16 years, Al Khaleej newspaper stated, citing Alabbar as saying.

The separation of Emaar Development from Emaar Properties as well as listing its shares on the DFM represent a good opportunity to potential investors, the top official added.

Alabbar expected that the listing will enable Emaar Development to grow and keep pace with the development in the real estate field as well as allowing the company to disclose its financial results every 90 days, Al Khaleej reported.

The trading of Emaar Development’s shares will begin on 22 November, Alabbar added, noting that Emaar Properties will remain a holding company and will seek to grow further through its diverse portfolio.

Earlier in October, Emaar Properties announced that 20% of Emaar Development’s shares, representing 800 million shares out of a total issued shares of 4 billion, will be issued through an initial public offering (IPO) for individuals from 2 to 13 November, and for institutions from 2 to 15 November.