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SEE Holding, the developer behind Dubai’s Sustainable City, is hiring banks to work on its planned initial public offering (IPO), according to a Bloomberg report.
Citing unnamed sources familiar with the matter, Bloomberg said Barclays Plc and Citigroup Inc, along with UAE-based Emirates NBD and First Abu Dhabi Bank, are being considered.
The company has yet to select a stock market for the listing, which could happen as soon as next year, Bloomberg sources said, adding that the company plans to include its engineering, design, and advisory units in the listing, as well as its sustainable development business.
SEE established Diamond Developers, which develops communities under the Sustainable City brand. The Sustainable City, Dubai, was launched in 2015 as the region’s first fully sustainable community development.
(Writing by Bindu Rai, editing by Imogen Lillywhite)
