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Emaar Plans to Raise Up to $2.45 Billion in Malls Listing

Emaar Properties PJSC, developer of the world’s tallest tower, said it expects to raise as much as $2.45 billion in the public offering of a 25 percent stake in its shopping malls and retail business after revenue surged.

The estimated 8 billion dirhams ($2.18 billion) to 9 billion dirhams generated from the secondary public offering in the Emaar malls and retail unit will primarily be distributed to the company’s shareholders as a dividend, according to an e-mailed statement yesterday from Emaar. The Dubai-based company didn’t give a time frame for the share sale or location.