Dubai - Boost to markets ahead of share sell off in Dubai Mall

The markets reacted positively to news today that the general public will be able to buy shares in some of Dubai's most successful malls. Shares in Emaar Properties - one of Dubai's main developers - will be offered up in September. Dubai's markets closed up 2.73 percent today - as a major announcement from one of Dubai's main developers helped give trading a boost. From September, Emaar Properties will be giving the general public the opportunity to buy shares in it's mall business company, Emaar Malls Group (EMG). EMG is the flagship developer that counts the Dubai Mall, Burj Khalida, Dubai's downtown area and Dubai's Marina Mall amongst it's very successful - and money making - ventures. Dubai Mall has rapidly become one of the world's top tourist destinations, more than 75 million people visited the mall last year. In February it was reported that revenues for 2013 totalled $2.8 billion US dollar, a 25 percent increase from 2012. And the talk of an initial public offering (IPO) has created a buzz on the trading floor. EMG will be open to individual investors at a limit of 30 percent of the offering and for institutional investors at 70 percent of the offering. Chartered Market Technician, Hussam al Husseiny, is urging people to buy Emaar shares. "This is an open message that those who haven't bought with Emaar should buy, because it's an advantage in the market, and who has bought Emaar, shouldn't sell," he says. The announcement's had a knock on effect with share prices in Emaar up 8.78 percent today, with individual share prices listed at 11.15 UAE Dirhams (roughly $3.03 US dollars). Al Husseiny says it's a good move on Emaar's part. "It has given us a sense of relief because we don't expect that a large portion of liquidity will be pulled from the market, because previously everyone was saying that Emaar has a huge IPO in the market and there wasn't a large number of shares in the market so there was a fear that the liquidity, which was already scarce, would be pulled from the market. So from these little details that Emaar has given it will validate the share for people even with the weakest faith." Part-owned by the UAE government, the company initially announced it's intentions in March. The company's initial public offering on the Dubai Financial Market is set for the the first couple of weeks of September. It's thought it will then list its shares in October. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/078a419a3ba620cd044a109fa913e5da Find out more about AP Archive: http://www.aparchive.com/HowWeWork