DUBAI, United Arab Emirates (AP) — Emaar Properties, the developer behind one of the world's largest shopping malls and the world's tallest tower, says it will launch an initial public offering for its retail business in Dubai next month.
The Dubai-based developer said in a statement Sunday that it expects to sell at least 15 percent of the company known as Emaar Malls Group in the offering. Like Emaar properties, the new company will trade on the Dubai Financial Market.
Emaar's retail business includes the vast Dubai Mall, the Mideast's biggest shopping center.
It is making 30 percent of the offering available to individual investors and the rest to institutional investors.
The company's retail and malls arm recorded $340 million in revenue the first six months of 2014.