Dubai's Emaar Properties to float Egyptian unit, hotel business - chairman

Dubai's Emaar Properties plans to float its Egyptian unit in about June 2015 and may also take its hotels subsidiary public after the successful listing of its malls and retail business, the company's chairman said on Thursday.

Emaar, Dubai's largest listed property developer, sold a 15.4 percent stake in Emaar Malls Group (EMG) in an initial public offer (IPO) last month, raising $1.6 billion following huge investor demand. The shares ended 12.1 percent higher on their stock market debut on Thursday.

This week, local media quoted its chairman Mohamed Alabbar as saying that the hotels unit could follow in a few months. However, on Thursday, Alabbar declined to indicate any timetable for the flotation.

Emaar will also launch an IPO for its Egyptian unit, Egypt Misr, Alabbar told a conference later in the day.