Dubai Mall Operator Raises $1.6 Billion in I.P.O.

Men tour the aquarium at Dubai Mall in 2008.

LONDON — Emaar Malls Group, the shopping mall operator based in Dubai, United Arab Emirates, said Monday that it had raised $1.6 billion in its initial public offering.

Emaar Malls, which owns the Dubai Mall, one of the largest shopping centers in the world, with 3.7 million square feet in leasable space and 75 million visitors last year, is being spun off from Emaar Properties, the property giant that is also based in Dubai.

The mall operator priced its offering at 2.90 dirhams, or about 79 cents, a share. The offering, which was oversubscribed, valued the company around $10.3 billion.

“We welcome all new shareholders to E.M. as we enter a new phase in the development of the company,” Mohamed Alabbar, the Emaar Malls chairman, said in a news release.

Emaar Malls sold about two billion shares in the offering, or about 15.4 percent of its share capital. Trading of its shares is expected to begin on Thursday in Dubai.

Emaar Malls operates 5.9 million square feet of leasable mall space in Dubai. It posted revenue of 2.39 billion dirhams in 2013.

Twitter Growth Strategy to help Soothe Wall Street

Twitter executives laid out for the first time an ambitious strategy they hope will place its revenues on a par with those of Internet giants like Amazon and Google. And they pledged to more quickly introduce improvements and new features.

“We are working toward a Twitter that everyone in the world can get value from immediately,” Twitter’s chief executive, Dick Costolo, said as he opened the company’s daylong presentation to financial analysts in San Francisco.

By detailing its plans for the first time since its initial public offering last November, Twitter sought to address investors’ concerns about the future of the company, which has experienced management turmoil, disappointing growth and declining use by its more loyal users.

Twitter largely accomplished that goal, at least in the short term. Its shares rose sharply, closing on Wednesday at $42.54, up $2.95, or 7.5 percent. That is still below the $44.90 close of the company’s first day of trading after its offering last year, but it is up from a low of around $30 reached in May.

The company’s openness was a striking contrast to its past practice of speaking mostly through tweets and blog posts and avoiding discussion of unreleased products.

Before the end of the year, for example, Twitter said it would unveil better private messaging. The company also said that early next year, it would offer users the ability to shoot and post live video. Also in development are ways to show newcomers an instant feed of relevant posts and to show returning users a list of top posts that they have missed since they last logged in.

Usain Bolt Only Runner Among 100 Highest-Paid Athletes

Usain Bolt is the 45th highest paid athlete in the world, and the only runner among the top 100 earners, according to a list compiled by Forbes.

Boxer Floyd Mayweather tops the list, with a reported income of $105 million. Soccer player Cristiano Ronaldo ($80 million) and basketball player LeBron James ($72.3 million) occupy the next two spots.

Forbes‘ list covers the period of June 1, 2013 to June 1, 2014, and includes only athletes who still compete. (Forbes estimates retired basketball player Michael Jordan made $90 million last year.)

Bolt’s earnings are listed as $23.2 million, with all but $200,000 of that said to come from endorsements. In contrast, all of Mayweather’s $105 million is said to come from the salary/winnings category.

There are only three women on the list, and all are tennis players: Maria Sharapova (34th at $24.4 million), Li Na (41st at $23.6 million) and Serena Williams (55th at $22 million).

Ten sports are represented on the list, with baseball (27 players) contributing the most. Twenty-seven countries are represented on the list; 60 of the top 100 earners are Americans.


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