Shareholders of Dubai-listed Emaar Properties have approved the initial public offering of the firm’s real estate development unit, Emaar Development LLC, the developer said in a bourse statement.

 

Emaar Development will be listed on the Dubai Financial Market (DFM) next month, with up to 30 percent of its shares available to the public.

 

The shareholders also approved the transfer of certain assets of the real estate development business of the company in the UAE to Emaar Development LLC, the statement said.

 

Emaar had earlier said that the funds raised through the sale of equity will be distributed as dividends to Emaar shareholders, subject to market conditions.

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