Emaar Malls listing ‘will encourage other firms to follow suit’

Dubai developer Emaar?s plans for a series of initial public offerings (IPOs) is helping to boost interest in listings on the Dubai Financial Market (DFM), the CEO of a major UAE-based investment firm, which is considering listing some of its subsidiary units.

Jassim Alseddiqi, CEO of Abu Dhabi Financial Group, said while it will take time for the stock markets in the UAE to mature fully, the listing of companies like Emaar will set a welcome precedent.

?I think what?s really positive about the Emaar Malls IPO is, if you yesterday (when the company announced the listing) opened the two-page documents in the newspapers, which provides the details of the IPO, you see that every single aspect of this floatation is a first of its kind in the market ? the retail and institutional split, the selling off around 15 percent, and the book-building.

?All of this is like the genie coming out of the lamp for local investors and I hope this will set a precedent”.