Emaar set price for Dubai's major IPO in three years

Emaar Development, a unit of Dubai property firm Emaar Properties, set a price to its initial public offering valuing the deal at $1.31 billion in Dubai’s first major IPO in three years.

Emaar Development priced the IPO at 6.03 dirhams, according to a company statement.

Emaar Properties is selling a 20 percent stake or 800 million shares in its local development unit in the first major listing in Dubai since late 2014 when Emaar Malls raised about $1.6 billion.

Emaar had said the IPO offers the opportunity for its shareholders - including the UAE government - to unlock the true value of the development business, and allowed potential investors to invest in a pure-play property developer.