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Emaar India Unit Plans to Sell Shares: Alabbar

“India has done extremely well for us, and that’s why we are going public in India, probably in a few weeks,” he said in an interview at the World Economic Forum in Dubai, where the company is based. “The banking system is solid and India is still a conservative environment that suits us well.”

New Delhi-based Emaar MGF Land Ltd. plans to raise Rs38.5 billion ($800 million) in the offering. The unit, which scrapped a $1.64 billion initial public offering in February last year, had 29 residential and commercial projects under way at the end of August. “I would really lean towards India because it’s a huge economy,” Alabbar said. “It’s growing at a reasonable rate and it’s not crazy like China so it’s good for us and we can grow reasonably well.” The company’s best markets are currently Egypt and Morocco while the United States “is very soft 
for us.”

Emaar, the United Arab Emirates’ biggest developer is in talks to combine with three units of state-controlled Dubai Holding LLC.

A merger with Dubai Properties LLC, Sama Dubai LLC and Tatweer LLC could generate “exceptional” cost savings amid a glut of homes that drove down prices.

“It would be a great opportunity because we are going to put our hands on a very valuable land bank,” Alabbar said of the possible merger.

“If there’s a city that will move forward in this region as a hub, it’s this city.” Alabbar, who heads a government committee on the credit crisis in Dubai, said the emirate will grow by 5 per cent in 2009.