No plans for Emaar spin offs

Dubai: Emaar Properties has no immediate plans to spin off its malls and Turkish businesses, the company said on Wednesday.

The real estate developer, which built the world’s largest mall in the emirate, is considering spinning off its malls unit and Turkish business, Bloomberg News reported on Tuesday, citing two people it didn’t name. Emaar would list its shopping-centre business on the Dubai exchange, while the Turkish unit would probably be listed in Istanbul, the report said.

“There are no plans for such listings in immediate term and any such decisions will be taken based on strategic requirements of the Group, and subject to all mandatory approvals,” Emaar said in an emailed statement.

The company in recent years has looked to diversify away from its core real estate business in Dubai to boost revenue.

Last month, Emaar said it has signed a $500 million (Dh1.8 billion) financing facility with a consortium of banks to fund the development of a mixed-use development in Istanbul.