Industry Update
External Article18 July 2018

Emaar Hospitality seeks asset sales to focus on hotel management, chairman says -

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The National

Emaar Hospitality Group, a unit of Dubai's biggest developer Emaar Properties, will sell part of its portfolio to focus on hotel management and is still eyeing listing of its own shares, the parent company's chairman said on Tuesday.

The company is seeking to sell some of its assets but an initial public offering could be possible within four years, Mohamed Alabbar said in an interview with CNBC Arabia.

"It is the start of expanding into the hospitality sector," Mr Alabbar said. "We have to focus on the issue of management and hotel management contracts like other global brands such as Hilton and Marriot."

Mr Alabbar didn't say which properties would be sold or the amount that the company plans to raise. He did not say when the sales will happen or if there are any prospective buyers.

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