Damac Properties, a privately-held Dubai developer, is considering listing its shares on the stock market and has approached banks with proposals for advisory roles as it bets on a recovery in the emirate's real estate market.
The developer has submitted requests to a handful of leading international banks, three sources aware of the plan said, speaking on condition of anonymity as the matter is not public.
It would be the first major property firm in the United Arab Emirates to launch an initial public offering (IPO) since the property market collapsed in 2009, after similar plans by family-owned Al Habtoor Group were shelved last year.
Read more: http://www.arabianbusiness.com/dubai-developer-damac-said-be-mulling-ipo-496435.html
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