The plan and who owns it
Dubai Investments Park Development Co., owned by Dubai Investments PJSC, is moving forward with steps that could lead to an IPO this year. A spokesperson for Dubai Investments Park would not comment.
Investor outreach and banks involved
People familiar with the discussions say executives plan to meet investors to test demand between October 19-26. Citigroup Inc., Emirates NBD Capital and HSBC Holdings Plc have previously been reported as working on the potential transaction.
What the project is
Established in 1997, the 2,300-hectare development is home to healthcare centers as well as warehouses, hotels, retail outlets and schools. It is among the emirate's largest mixed-use projects. Dubai Investments indicated that it may float a 24% stake.
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Market context and what it means for your portfolio
The Gulf was once a hotbed for flotations, but this year issuance has slumped as the regional war intensifies an already wider market slowdown. Stocks across the region have fallen since the war began, except in Oman, and Dubai's benchmark is down around 3%.
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