(MENAFN- Emirates News Agency (WAM))
DUBAI, 22nd November, 2017 (WAM) -- The shares of Emaar Development are now trading under the ticker "Emaardev", Dubai Financial Market announced today.
At a ceremony today marking the successful listing, Mohamed Alabbar, Board Chairman of Emaar Development, said, "Today is a transformative day for Emaar Development, and marks an important next step in our work of shaping cities of the future. Already a flagship brand and a market leader in Dubai, our successful IPO demonstrates that regional and international investors are excited by our proven business model; specifically, our backlog of AED41 billion; our high cash flows; and our targeted dividend yield of 8.6 percent for the next three years, which the company believes is higher than our competitors, and expected to increase in the future."
He added, "Additionally, today marks a milestone for the DFM, a maturing financial centre well-positioned to benefit from Dubai's position as a global investment hub. I would like to express my gratitude to the Securities and Commodities Authority and the Dubai Financial Market for their excellent support and assistance during the IPO process. We are confident that this is just the beginning of a bright future for Emaar Development and our shareholders."
For his part, Essa Kazim, DFM Chairman, welcomed the milestone as a new testament to the privileged relations between the market and the Emaar Group, which, he described, as one of the market's leading entities that has been significantly contributed to DFM's progressive development over the years.
WAM/Hatem Mohamed/Tariq alfaham
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