BofAML, FAB said to be on board for Emaar’s real estate unit IPO

30/08/2017 Argaam

Bank of America Merrill Lynch (BofAML) and First Abu Dhabi Bank (FAB) are expected to join Goldman Sachs in working on Emaar Properties’ initial public offering (IPO) for its UAE real estate development business, Reuters reported, citing unnamed sources.

 

A spokesperson for Emaar, however, said that the list of banks is not yet finalized, the report added.

 

Emaar is working with Goldman Sachs on the IPO, but other banks are likely to be appointed as coordinators and bookrunners.

 

Dubai-listed Emaar Properties had in June announced its plans to list up to up to 30 percent of its UAE real estate development business, through a share offering on the Dubai Financial Market (DFM).

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