Demand from global investors for shares in Emaar Malls Group, the UAE retailer that owns the Dubai Mall, has been overwhelming.
The shares will begin trading on Thursday at the top of the price range set by the company and its advisers. At Dh2.9 per share, EMG will have a market capitalisation of Dh37.7 billion on the Dubai Financial Market.
Global institutional interest in the initial public offering (IPO) has been strong, according to a notice posted on the DFM. Investors from outside the UAE – who were allotted 70 per cent of the issue – have bid for 30 times the number of shares available at Dh2.9bn.
In total, there were 470 orders on the institutional orders book, the notice said.
The offer to retail investors in the UAE was 20 times oversubscribed.
The levels of oversubscription will mean applicants will not receive the full number of shares they applied for, and will have their share allotments scaled back significantly. Allotment details and refunds of cash for unsuccessful applicants will be processed over the next two days.
Mohamed Alabbar, chairman of Emaar Malls, said: "We are delighted that the landmark IPO has been so successfully received by both institutional and individual investors.
“The business has performed very well across the business in the last five years and we firmly believe that our prominence within the Middle East and North African fertile retail sector, alongside our world-famous assets and experienced management team, is a potent combination which will support the future growth. We welcome all new shareholders as we enter a new phase in the development of the company.”
Dh2.9 is the top of a indicative range beginning at Dh2.5, and means that EMG and its advisers have gone for the maximum under the terms of the EMG prospectus.
Some 15 per cent of the company is being floated on the DFM by Emaar Properties, the property developer and hospitality group owned 29 per cent by the government of Dubai.
Most of the proceeds of the IPO, totalling some Dh5.8bn, will be paid to investors of the parent group in dividends.
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German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
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Source: Federal Office for the Protection of the Constitution
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COMPANY%20PROFILE
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Killing of Qassem Suleimani
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
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2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
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Army of the Dead
Director: Zack Snyder
Stars: Dave Bautista, Ella Purnell, Omari Hardwick, Ana de la Reguera
Three stars
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A
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5pm: Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
6pm: Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m
6.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
7pm: Maiden (PA) Dh80,000 (T) 1,200m
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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