By: Tom Arnold | Saeed Azhar
DUBAI: Bank of America Merrill Lynch and First Abu Dhabi Bank are set to join Goldman Sachs in getting roles in the share sale of the UAE real estate development business of Emaar Properties , sources told Reuters on Tuesday.
Dubai-based Emaar, the builder of the world’s tallest tower, is considering an initial public offering of up to 30 % of the business by November in what could be the first listing on the Dubai Financial Market in nearly three years.
A spokesman for Emaar, in which Dubai’s government owns a minority stake, said the list of banks was not yet finalised.
First Abu Dhabi Bank (FAB) did not immediately respond to a Reuters request for comment, while Bank of America Merrill Lynch (BAML) declined to comment.
Emaar is already working with Goldman Sachs on the IPO but other banks are expected to be appointed as coordinators and bookrunners. The sources close to the matter said it was unclear what exact roles BAML and FAB would have.
BAML and National Bank of Abu Dhabi, one of the two banks later merged to create FAB, were among lenders involved when Emaar floated Emaar Malls in 2014.
Emaar, whose interests span hotels, entertainment and shopping mall operations, earlier this month reported a 14.4 percent increase in second-quarter profit for its property business. (Additional reporting by Dasha Afanasieva in London; Editing by Mark Potter)
Source: Reuters