Dubai plans Emirates air IPO for January

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DUBAI, Nov 21 (Reuters) Dubai plans to sell 20 to 30 percent of Emirates airline in an initial public offering (IPO) in January, United Arab Emirates-based al-Ittihad newspaper reported on Wednesday, without citing anyone.

The shares would list on the Dubai International Financial Exchange (DIFX), the newspaper, one of the three biggest in the United Arab Emirates, said.

Dubai's DP World, whose IPO closed on Monday, was probably about eight times subscribed, the newspaper reported, without saying where it got the information.

Emirates, the largest Arab carrier, said last week it intends to sell as much as 30 percent of the company in an IPO to help finance more than billion of aircraft purchases.

''We have not begun any steps so far, but the intention is there,'' Emirates Chairman Ahmed bin Saeed al-Maktoum told Al Arabiya television at the time, when asked about IPO plans.

''We are talking about 20-30 percent,'' he said, without indicating when shares might be sold. The stock would list in Dubai, he said, without being more specific.

Dubai has two exchanges, the DIFX and the Dubai Financial Market. The DIFX operates according to international regulatory standards. DP World shares will list on the DIFX on Nov. 26.

REUTERS PDT HT1235

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