UAE’s Al Habtoor Group ‘closer to IPO’
Investment and contracting company has ‘all the documents ready’ for a share sale, says its CEO
The UAE-based investment and contracting company Al Habtoor Group has moved closer to an IPO and has prepared documents for a share sale, according to Bloomberg TV.
Mohammed Al Habtoor, the group’s chief executive, said that it is updating its numbers to account for revenues from its vast Al Habtoor City project in Dubai.
“We have all the documents ready, all that we need to do is to update all the information,” he is reported as saying.
The group had said in 2012 it is postponing a share sale, plans for which go back to 2000, due to lack of investment opportunities.
Al Habtoor Group said in March it had launched the sale of the ‘Residence Collection’ properties at its $3bn development by the Dubai Water Canal and Sheikh Zayed Road.
The units at the Al Habtoor City development in Dubai are expected to hand over in early to mid-2017, the developer said in a statement.
The Al Habtoor City development sits directly on the Dubai Water Canal, which is due to be completed later this year, and has its own marina.
