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FINANCIAL NEWS
Dubai’s Paris Gallery eyes IPO floating
13 Sep 2012
(MENAFN) Dubai group Paris Gallery unveiled plans to float shares as it seeks to provide a “safety net” for the family-owned business and help it expand beyond the Gulf region, Reuters reported.
CEO Mohammed Al-Fahim said that the group was in talks with Dubai Financial Market and sister bourse Nasdaq Dubai over a potential listing.
The firm’s plan for an initial public offering (IPO) followed a previous disclosure from Al Habtoor Group, a family-owned Dubai conglomerate, which wants to raise USD1.6 billion through an IPO in 2013.
Paris Gallery, which runs 80 stores and employs 3,500, is looking to expand its business beyond the GCC. Fahim said that the company is planning to open new stores in Iraq, Turkey, Moscow, St Petersburg and many other cities among the Arab world.
The UAE provides more than 60 percent of Paris Gallery’s revenue and Saudi Arabia about 35 percent, with the remainder from other Gulf countries.
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