Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

MubasherTrade Research adds Emaar again to its MENA Favourite List  Join our daily free Newsletter

MENAFN Press - 18/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN Press) In line with its strategy to create independent companies with own growth strategies and management structures, maar Properties is moving ahead with spinning off various subsidiaries. In its board of directors meeting held on 13 March 2014, Emaar decided to list its malls and retail business, Emaar Malls Group (EMG), into a separate entity. Given its significant size and growth opportunities, EMG has been identified as the first subsidiary to be listed. A similar step is expected for the hospitality segment



Emaar aims to list, subject to market conditions, up to 25% of EMG equity through a secondary offering of shares, expected to be one of the largest public offerings in the region, at an estimated value of AED8-9bn. Sale proceeds will be primarily used for dividend distribution to Emaar's shareholders. The strength of Emaar's malls and retail segment comes mainly from Dubai Mall



In our opinion, EMG listing should boost investment properties fair value by 111% to AED34bn compared to a fair value ofAED16.1bn and a book value of AED7.8bn at the end of 2012. Furthermore, Emaar'sNAV would effectively increase by around 30%to AED12/share (adjusted for capital increase on bond conversion). Accordingly, Emaar's stock is currently traded at a 23% discount to adjusted NAV



In light of the above, we are adding Emaaragain to our MENA Favorite List (MENA FL) due to the listing of EMG within six months, with a similar step expected for the hospitality segment. We had removed Emaar back in December 2013 after realizing an attractive return of 13.8% over a short period of time. However, the positive outlook for potential projects for EXPO 2020 and the ramping up of new developments by launching one project a week in Dubai in the first two months in 2014 -- all led us to add it again to our MENA FL


About Mubasher Financial Services BSC ©
Mubasher Financial Services BSC (MFS) is a leading provider of regional and international brokerage services in the Middle East for institutional and retail investors, combining financial market expertise with pioneering products, services and award winning trading platforms. MFS, operating under the MubasherTrade brand, is regulated by the Central Bank of Bahrain as a Category 1 Investment Firm. With headquarters in Bahrain and a presence across the MENA region, MFS operates leading brokerages in Bahrain and the UAE with subsidiaries and group affiliates in Egypt, Saudi Arabia, Jordan and Libya. The firm facilitates direct market access trading into the region with unparalleled efficiency from a single account and provides in depth and actionable investment research. www.mubashertrade.com

 


MENAFN Press




  MENA News Headlines
 Jul 29 2015 - Egypt says 'new Suez Canal' ready for businessAFP
(MENAFN - AFP) Egypt said on Wednesday that the "new Suez Canal" was ready for navigation for all kinds of ships, as authorities geared up to launch the shipping route officially next month. Dubbed ...

 Jul 29 2015 - Israel welcomes 200 French Jewish immigrantsThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Two-hundred French Jewish immigrants have arrived in Israel, according to a Tuesday statement issued by The Jewish Agency for Israel.The newcomers € half of ...

 Jul 29 2015 - Germany criticizes Israel's new settlement plansThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Germany has criticized Israel for approving the construction of more than a thousand settlements in occupied West Bank, terming the move a threat to the ...

 Jul 29 2015 - President Erdogan calls Jordanian KingThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Turkish President Recep Tayyip Erdogan informed Jordanian King Abdullah II and Italian Prime Minister Matteo Renzi about Turkey's ongoing "anti-terrorist ...

 Jul 29 2015 - Egypt- Fascism Incorporated: Our faultDaily News Egypt
(MENAFN - Daily News Egypt) When the blood of the other becomes a fathomable reality, fascism is born. I remember well standing among thousands in front of the UN, on 30 June 2013, as we screamed ...

 Jul 29 2015 - Egypt- Media gag ordered for case involving judge demanding sexual favoursDaily News Egypt
(MENAFN - Daily News Egypt) A media gag was ordered by the General Prosecution on Tuesday in the case of a judge who is charged with demanding sexual bribes from a woman in a lawsuit he was ...

 Jul 29 2015 - Bomb explodes in Al-ArishDaily News Egypt
(MENAFN - Daily News Egypt) A bomb explosion took place on Tuesday morning in the North Sinai town of Al-Arish with no casualties reported, a North Sinai resident told Daily News Egypt.The explosion, ...

 Jul 29 2015 - Egypt- 19 die in wood factory blazeDaily News Egypt
(MENAFN - Daily News Egypt) A fire in a wood factory in Qaliubiya governorate left 19 people dead and 22 injured on Tuesday.The fire occurred in an industrial district of Obour City, northeast Cairo. ...

 Jul 29 2015 - HRW accuses Saudi-led coalition of war crime in YemenDaily News Egypt
(MENAFN - Daily News Egypt) Human Rights Watch (HRW) reported Monday that its investigations into several air strikes by the Saudi-led coalition in Yemen on 24 July found no apparent threat at or ...

 Jul 29 2015 - Detention renewed for Esraa El-TaweelDaily News Egypt
(MENAFN - Daily News Egypt) The detention of amateur photojournalist Esraa El-Taweel, accused of spreading false news and belonging to the outlawed Muslim Brotherhood, was renewed on Monday, after ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help