EMAARMALLS
EMAAR
Dubai - Mubasher: Chris O'Donnell has been appointed as the new CEO of Emaar Development, a wholly-owned subsidiary by Emaar Properties, as reported by Reuters.
Chris O‘Donnell previously served for a five years as the CEO Nakheel Properties until 2011, he then headed Al Futtaim Real Estate Group.
Emaar Group previously announced that it will transform Emaar Development into a public joint stock company with 30% of its shares to be listed on the Dubai Financial Market (DFM).
The awaited initial public offering (IPO) of a 20% stake in Emaar Development will be launched on Thursday, where 800 million shares will be sold in the first IPO in the DFM in three years.
Emaar Development has also appointed Sunil Grover, who previously worked at Emaar Properties, as its chief financial officer, while John Carfi will be the chief executive of development and projects
Emaar Development represents 20% of Emaar Properties' assets, according to Emaar’s chairman Mohamed Alabbar.
Last month Alabbar indicated that part of the proceeds from the highly anticipated IPO will be directed to cash dividends that will be distributed to shareholders.
Some of the mother company’s activities will be transferred to Emaar Development, the chairman highlighted, adding that the separation will have a positive impact on both companies, as Emaar Development is expected to record high profits in coming years, he added.
SICO Investment Bank prevoiously estimated the total value of the IPO at a range between AED 22 billion and AED 28 billion.