MAG Development targets IPO in Dubai

UAE property developer MAG Development, a subsidiary of MAG Group Holding, plans to sell shares to the public and list in Dubai.

“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,” Khaleej Times quoted Sar Haffar, CEO of MAG Group Holding, as saying.

The plan was announced as MAG development broke ground on its upcoming 2 billion dirhams ($544 million) MAG City project.

MAG City, located at Mohammed Bin Rashid City’s Meydan District 7, is expected to be completed by 2022.

Located close to both Dubai International Airport, Downtown Dubai, DIFC and Dubai Creek Harbour, the prime development features 5,100 housing units comprising studios, one and two-bedroom apartments as well as 694 units comprising two- three- and four-bedroom townhouses.

China National Chemical Engineering Group Company (CNCEC) was recently awarded the contract for the construction of the first phase of MAG City.

Source: Zawya