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MAG Development planning Dubai IPO, says CEO of parent company

MAG Development, a real estate subsidiary of MAG Group, is planning an IPO on the Dubai Financial Market, the Khaleej Times reported, citing MAG Group Holding CEO Sar Haffar.

"We are in the motion of IPO readiness and we will announce it soon. Since it is in a preparation phase, I cannot commit to the date. It is going to take a bit more than a year and the listing will be on the Dubai bourse," Haffar said, according to the report. The executive said the company has not appointed an adviser and is working on the offer in house.

Haffar was speaking on the sidelines of the launch of the MAG City project in Dubai's Meydan District, the paper reported. MAG City is a 48,000-square-meter residential/retail complex that will take four to five years to complete. MAG Development is investing 2 billion United Arab Emirates dirhams in the project, according to the newspaper.

As of Dec. 19, US$1 was equivalent to 3.67 United Arab Emirates dirhams.