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
 May 22 2015 - Arab info. ministers agree to promote culture of toleranceKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Arab information ministers' council concluded its 46th session on Thursday with a final statement stressing the important role of mass media in promoting the ...

 May 22 2015 - Kuwait, Peru eye closer diplomatic ties, cooperationKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Head of the Kuwait's fourth parliamentary friendship committee MP Yousef Al-Zalzalah met with President of the Congress of the Republic of Peru Ana Maria ...

 May 22 2015 - Kuwaiti-Moroccan ties based on shared values - OfficialKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Advisor to Kuwait's Amiri Diwan Mohammad Difullah Sharrar said his country and the Kingdom of Morocco share identical cultural and historical values that formed a ...

 May 22 2015 - Kuwaiti play wins gold at Free Theater FestivalKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Kuwaiti play 'Hawel Marrah Okhra' (Try Again) won the golden award of the 10th Free Theater Festival on Thursday evening.The silver and bronze medals went to ...

 May 22 2015 - Kuwaitis proud of nat'l pavilion at Expo Milan 2015Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The spouse of Kuwait's General Consul in Milan and North Italy, Abdul-Nasser Bou-khaddour, praised here role of the Kuwaiti pavilion organizers in Expo Milan ...

 May 22 2015 - Kuwaiti Jiu Jitsu team participates in West Asia tournamentKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait's Brazilian Jiu Jitsu team will head to Beirut, Lebanon on Thursday to take part in the three-day West Asia tournament.The Kuwaiti team includes seven ...

 May 22 2015 - Kuwait ranks 4th at Fazza wheelchair basketball tourneyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait's national team lost their last game to Morocco's 44-71 at the the Seventh Fazza International Wheelchair Basketball Tournament, Dubai 2015, Wednesday ...

 May 22 2015 - OCA cancels Sri Lanka's hosting of Asian Youth Games 2017Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) President of the Olympic Council of Asia (OCA) Sheikh Ahmad Al-Fahad Al-Sabah announced Thursday that the Council has withdrawn the 3rd Asian Youth Games in 2017 ...

 May 22 2015 - Chinese peacekeeping troops head for LebanonKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A new batch of Chinese peacekeeping troops and a 30-member medical team left China for Lebanon Tuesday for peacekeeping mission, state-run China Central ...

 May 22 2015 - Seven airstrikes in Syria, 14 in Iraq target ISIL - coalitionKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Coalition military forces continued to attack ISIL, conducting seven airstrikes in Syria and 14 in Iraq, the Combined Joint Task Force announced on Tuesday."In ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

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