Dubai/Abu Dhabi: Emaar Properties PJSC has hired Goldman Sachs Group Inc. to manage the sale of shares in its United Arab Emirates real estate development business in Dubai, chairman Mohamed Alabbar said. Emaar, listed on the Dubai Financial Market, announced plans to spin-off its real estate unit on Wednesday and use the proceeds to pay a special dividend. Dubai’s biggest publicly-traded company is listing its UAE real estate arm to help achieve a better valuation from investors, Alabbar said. Emaar may consider spinning off its entertainment and hospitality units as it seeks to maximize its equity valuation, Alabbar said. The entertainment unit includes Dubai Aquarium & Underwater Zoo, Dubai Ice Rink and movie-theatre chain Reel Cinemas.

Source: Mint June 11, 2017 07:45 UTC