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EEMEA market round up: Emaar to launch convertible bond

Dubai’s Emaar Properties has announced that it has struck a shares-for-land agreement with Dubai Holding, a state-owned conglomerate.

Under the plan Emaar, the biggest real estate developer in the Middle East, will issue 2.364 billion new shares through a five-year mandatory convertible bond. The deal will involve Dubai Holding taking a 27.9% stake in the company. The government was already the biggest shareholder in the company with a 32% stake but the new share sale will effectively make Emaar a state-controlled entity.

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