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Dubai's Emaar Still Mulls IPO for India MGF JV - ASHARQ AL-AWSAT English Archive
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DUBAI (Reuters) – Emaar Properties is still considering an initial public offering for its India MGF joint venture, in line with its strategy announced last year, the Dubai-based developer said on Thursday.

Emaar, which is building the world’s tallest tower, said that while an IPO is being considered, it is still in the preliminary stage.

“The aforementioned IPO strategy for Emaar MGF has already been announced in 2008,” Emaar said in a statement on Dubai’s bourse website.

Emaar was not immediately available for comment.

Poor investor sentiment due to the global economic downturn led to a sharp drop in the number of IPOs in the first quarter.

Globally, there were only 50 IPOs in the first quarter, raising $1.4 billion, about half the total raised in the final quarter of 2008, Ernst & Young (E&Y) said in a report in April.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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