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Emaar Economic City $680m IPO
- Saudi Arabia: Tuesday, May 16 - 2006 at 07:31
Emaar Economic City, a joint venture between UAE-based Emaar Properties and Saudi investors which is leading the multi-billion dollar development of King Abdullah Economic City in Saudi, plans to raise $680m through an initial public offering this month, according to Reuters. Sources told the news agency that a 30% stake would be offered through the issue, comprising 255m shares. HSBC has been appointed as lead manager.
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James McInerney, News EditorTuesday, May 16 - 2006 at 07:31 UAE local time (GMT+4)
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