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Emaar Properties' development arm names chairman

The board of directors of Emaar Development PJSC named Mohamed Ali Alabbar as chairman and elected Jamal Bin Theniyah as vice chairman.

Separately, Emaar Properties PJSC noted that its development arm's IPO was oversubscribed after receiving support from institutional and retail support from both domestic and international investors, in spite of the recent events in Saudi Arabia.

Citing a Bloomberg News report, which stated that the crackdown in Saudi Arabia nearly "derailed" the IPO, the company clarified that international investors accounted for about 40% of the shares sale, and the top 10 qualified institutional investors included investors from the country. Following the IPO, Emaar Properties expects Saudi investors to be a part of the shareholding structure of Emaar Development.

In early November, Saudi Arabia conducted an anti-corruption investigation that resulted in the arrest of dozens of royal family members, military officers, executives and government officials.

Emaar Development set a per-share price of 6.03 United Arab Emirates dirhams for its IPO of 800 million shares, translating to a market capitalization at listing of around 24.1 billion dirhams.

Listing of the shares for trading on the Dubai Financial Market is expected Nov. 22.

As of Nov. 20, US$1 was equivalent to 3.67 United Arab Emirates dirhams.