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Aden - Yasmine El Tohamy - MAG Development, a subsidiary of MAG Group Holding, plans to go public and list on the Dubai bourse as it invests Dh2 billion in the upcoming MAG City project, its chief executive said.
"We are in the motion of IPO readiness and we will announce it soon. Since it is in a preparation phase, I cannot commit to the date. It is going to take a bit more than a year and the listing will be on the Dubai bourse," said Sar Haffar, CEO of MAG Group Holding.
He said the company has not appointed any advisor and is working on the preparation in-house.
Haffar was speaking on the sidelines of the launch of the Dh2 billion MAG City project, which is located in Meydan District. It will be completed in five phases in four to five years and will have 5,100 villas and apartments. Replying to a query about the launch despite an oversupply in the market, he said the company will adjust phases according to demand.
"We started with phases one and two because we have a commitment to the buyers. We have already sold units in those phases so we are proceeding with the construction. We are also proceeding with the entire infrastructure of the project," Haffar said, adding that it is an entirely self-financed project and the handover is a maximum of five years.
MAG City is spread over 48,000 sqm with about 8,000 sqm for retail spaces. The company offers zero down payment and plans spread over 10 to 20 years.
China National Chemical Engineering Group has been appointed for the construction of the project.
Dai Heijen, chairman of China National Chemical Engineering Group, said the total value of the contracts currently executed for the group in the UAE, Saudi Arabia, Oman, Iraq and other countries is about $3.2 billion.
These contracts include projects for the housing, infrastructure, petrochemicals and chemical industries. "We are currently working on 329 projects under construction, with a total value of $50 billion," he added.
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